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ASX Directors Resign After SEC Action Against Hedge Fund

Bloomberg – Shane Finemore and Russell Aboud resigned from their positions on the board of ASX Ltd. (ASX) after their hedge fund, Manikay Partners LLC, agreed to settle claims of improperly buying shares of companies they had bet against.

Aboud said by telephone today that he spoke to ASX Chairman Rick Holliday Smith informing him he would resign. New York-based Manikay agreed to pay $2.6 million to settle the action. The hedge fund was sanctioned by the U.S. Securities and Exchange Commission as part of an enforcement against 23 firms, the agency said in a statement Sept. 17. Aboud, a member of the board of the ASX, is chairman of the fund.

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