Former hedge fund manager Hilary Shane has been permanently barred from associating with any NASD-registered firm and will pay more than $1.45 million to settle NASD and Securities and Exchange Commission charges of fraud and insider trading.

The settlement stems from an NASD filing against Shane in February, which sought sanctions against the investor for the October 2001 purchase and sale of shares in a private placement in the public equity, or PIPE, of Compudyne Corp., Dow Jones Newswires reports.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.