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Segantii insider trading trial nears conclusion in Hong Kong
Prosecutors focused on evidence from more than a month of testimony, including emails and recorded calls tied to Lone Pine Capital’s Esprit share sale.
A trial tied to alleged insider trading involving Segantii Capital Management founder Simon Sadler is nearing its conclusion in Hong Kong, with prosecutors delivering their closing arguments, according to a report by Bloomberg.
The case centers on trades in Hong Kong-listed fashion retailer Esprit Holdings in June 2017, involving Sadler, former Segantii trader Daniel La Rocca, and the hedge fund itself.
Prosecutor Sarah Clarke told the court the defense case was undermined by evidence presented during more than a month of proceedings, which included emails, recorded telephone conversations, and testimony from former Bank of America trader Tony Psarianos and another former bank employee, Anshul Trivedi.
At the heart of the prosecution’s argument is a conversation between Psarianos and La Rocca shortly before Lone Pine Capital sold its remaining Esprit stake, in which Psarianos allegedly said an unnamed shareholder was considering selling at least 190 million shares.