Hong Kong ‘block trade king’ exploited bank lapse to make HK$1.7 million, court told

AI Summary

A hedge fund manager allegedly exploited a bank's failures to engage in insider trading, netting HK$1.7 million in a single day. The case involves accusations against the individual and former associates regarding illicit stock trading.

A prominent hedge fund manager took advantage of a bank’s “wholesale collective failure” to prevent illicit trading, making HK$1.7 million in a single day by using confidential information to sell shares in a Hong Kong fashion house nine years ago, prosecutors alleged on Tuesday. British-born investor Simon Sadler is on trial at the District Court alongside the now-defunct Segantii Capital Management and former employee Daniel Anthony La Rocca Jnr over alleged insider dealing in the shares of...