A former hedge fund manager from New York is to pay USD110,000 in order to settle charges of fraudulent trading in three PIPE deals.
Joseph Spiegel, who is a former manager for Spinner Asset Management, decided to settle with the Securities and Exchange Commission but declined to admit or deny the allegations made by the SEC. Spiegel will pay an agreed fine and be subject to a three-year ban on working within the investment advisory business.
He was an advisor to the Spinner Global Technology Fund, which is a USD200 million hedge fund based in New York.