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
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.
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