Tiger Asia Management, the New York-based hedge fund run by Bill Hwang, pleaded guilty in an insider-trading case and agreed to criminal and civil settlements totaling more than $60 million.
Hwang entered the plea yesterday in federal court in Newark, NJ, admitting Tiger Asia used material nonpublic information by selling short shares of Bank of China in December 2008 and January 2009. Tiger Asia agreed to forfeit $16.3 million to resolve the criminal case.
Tiger Asia Management, Hwang, Tiger Asia Partners and former head trader Raymond Y.H. Park agreed to pay $44 million to settle a Securities and Exchange Commission lawsuit.
Tiger Asia used inside information received through private-placement offerings to engage in short selling of Bank of China and another bank, according to the SEC.