Michael Iavarone may have rung the opening bell at the New York Stock Exchange yesterday and be poised, as owner of the magnificent Big Brown, to win the Triple Crown, but he can’t win them all.


Securities regulators recently fined and censured Iavarone for unauthorized trades he made in 1999, during a seven-year run as a penny stock broker in which he worked at no less than four separate brokerage firms, The New York Post reports.


Nonetheless, Iavarone, co-CEO and president of International Equine Acquisitions Holdings, which owns Big Brown in a stable of about 80 racehorses, is forging ahead, raising an additional $100 million from investors for a hedge fund he is planning to launch.

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