Brokerage industry regulator NASD has fined hedge fund manager John Mangan Jr. $125,000 on charges that he improperly traded restricted, unregistered shares, according to The New York Times.

Mangan was previously a broker with Friedman Billings Ramsey in Arlington , Vir., but is now banned by the NASD from working for any firm registered with the regulator.

The charges against him include "deceptively obtaining" restricted PIPE, or private investments in public equity, shares and improperly short-selling them without first getting permission from Friedman Billings Ramsey.

In settling with the NASD, Mangan neither admitted nor denied the charges.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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