$4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Insider Trading of Esprit Block Trade in 2017: District Court Held First Hearing on 2nd July 2024 Against Segantii, Director & CIO Simon Sadler & ex-Trader Daniel La Rocca, Case Adjourned to 15th October 2024
3rd July 2024 | Hong Kong
$4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Insider Trading of Esprit Block Trade in 2017 – The Hong Kong District Court had held the first hearing on 2nd July 2024 against Segantii, Director & CIO Simon Sadler & ex-trader Daniel La Rocca, with the case adjourned to 15th October 2024. Earlier in June 2024, the Hong Kong Securities and Futures Commission (SFC) issued statement of the case moved to Hong Kong District Court with higher sentences, and with Segantii CIO Simon Sadler & ex-trader Daniel La Rocca both released on bail. The first hearing in the District Court will be held on 2nd July 2024. Earlier in June 2024, Segantii specializing in block trades (of shares) allegedly knew of hedge fund Lone Pine Capital was planning to sell 10% shares of $1.4 billion fashion group Esprit, with Segantii CIO Simon Sadler & ex-trader Daniel La Rocca receiving insider information from then-Merrill Lynch trader Tony Psarianos. On 14th June 2017, Segantii sold 1.57 million of Esprit shares at average price of HKD 5.25 and short sell 132,000 Esprit shares at average price of HKD 5.23 with trades executed via UBS Securities Asia. On 15th June 2017 (next day), hedge fund Lone Pine Capital sold $117 million of Esprit shares at average price of HKD 4.68, with share price decreasing -29% in 6 trading days. In 2009, ex-Morgan Stanley Managing Director Du Jun was sentenced to 6 years jail for insider trading. In 2023, the Hong Kong Securities & Futures Commission (SFC) issued a 2-year ban on former UBS Managing Director and Chairman & CEO of AMTD Group Calvin Choi for failure to disclose conflict of interest as Managing Director at UBS in 2014 and 2015 on 2 transactions (SFC Ban from 29/9/23 to 28/9/25). The then-UBS Managing Director Calvin Choi had failed to disclose conflict of interest in LR Capital Financial Holdings when acting as advisor (Managing Director) at UBS for clients (2015: LR Capital Financial Holdings, China Minsheng and 2014: Xinte Energy, LR Capital China Growth Company). In 2024 May, Hong Kong $4.8 billion hedge fund Segantii Capital Management currently under legal proceedings for insider trading had received around $1 billion of redemption requests before decision to shutdown the hedge fund and to return capital to investors. Investors in Segantii Capital Management include funds managed by Goldman Sachs & McKinsey pension fund MIO Partners. Segantii founder & Chief Investment Officer Simon Saldar is an ex-Deutsche Bank trader, and founded Segantii in 2007 with $26.5 million. Segantii had average 12% return a year since inception. Simon Saldar has personal fortune of around $360 million & owns UK football team Blackpool. On 2nd May 2024, the Hong Kong Securities & Futures Commission (SFC) started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017.
“ $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Insider Trading of Esprit Block Trade in 2017: District Court Held First Hearing on 2nd July 2024 Against Segantii, Director & CIO Simon Sadler & ex-Trader Daniel La Rocca, Case Adjourned to 15th October 2024 “
Hong Kong SFC (2/7/24): “The District Court today held the first hearing on the insider dealing prosecution against Segantii Capital Management Limited, its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca after the case was being transferred from the Magistrates’ Court. The proceedings were commenced by the Securities and Futures Commission (SFC). The three defendants in the case are charged with the criminal offence of insider dealing in respect of the shares of a listed company prior to entering into a block trade in June 2017 in the shares of that listed company. No plea was taken from the defendants and the case was adjourned to 15 October 2024 for mention. Sadler and La Rocca were released on bail pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made as legal proceedings are ongoing.”
$4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Insider Trading: Court Case Moved to Hong Kong District Court with Higher Sentences, Segantii CIO Simon Sadler & ex- Trader Daniel La Rocca Released on Bail, 1st Hearing in District Court on 2nd July 2024
14th June 2024 – $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Insider Trading – The Hong Kong Securities and Futures Commission (SFC) has issued statement of the case moved to Hong Kong District Court with higher sentences, and with Segantii CIO Simon Sadler & ex-trader Daniel La Rocca both released on bail. The first hearing in the District Court will be held on 2nd July 2024. Earlier in June 2024, Segantii specializing in block trades (of shares) allegedly knew of hedge fund Lone Pine Capital was planning to sell 10% shares of $1.4 billion fashion group Esprit, with Segantii CIO Simon Sadler & ex-trader Daniel La Rocca receiving insider information from then-Merrill Lynch trader Tony Psarianos. On 14th June 2017, Segantii sold 1.57 million of Esprit shares at average price of HKD 5.25 and short sell 132,000 Esprit shares at average price of HKD 5.23 with trades executed via UBS Securities Asia. On 15th June 2017 (next day), hedge fund Lone Pine Capital sold $117 million of Esprit shares at average price of HKD 4.68, with share price decreasing -29% in 6 trading days. In 2009, ex-Morgan Stanley Managing Director Du Jun was sentenced to 6 years jail for insider trading. In 2023, the Hong Kong Securities & Futures Commission (SFC) issued a 2-year ban on former UBS Managing Director and Chairman & CEO of AMTD Group Calvin Choi for failure to disclose conflict of interest as Managing Director at UBS in 2014 and 2015 on 2 transactions (SFC Ban from 29/9/23 to 28/9/25). The then-UBS Managing Director Calvin Choi had failed to disclose conflict of interest in LR Capital Financial Holdings when acting as advisor (Managing Director) at UBS for clients (2015: LR Capital Financial Holdings, China Minsheng and 2014: Xinte Energy, LR Capital China Growth Company). In 2024 May, Hong Kong $4.8 billion hedge fund Segantii Capital Management currently under legal proceedings for insider trading had received around $1 billion of redemption requests before decision to shutdown the hedge fund and to return capital to investors. Investors in Segantii Capital Management include funds managed by Goldman Sachs & McKinsey pension fund MIO Partners. Segantii founder & Chief Investment Officer Simon Saldar is an ex-Deutsche Bank trader, and founded Segantii in 2007 with $26.5 million. Segantii had average 12% return a year since inception. Simon Saldar has personal fortune of around $360 million & owns UK football team Blackpool. On 2nd May 2024, the Hong Kong Securities & Futures Commission (SFC) started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017.
Hong Kong SFC (12/6/24): “The Eastern Magistrates’ Court today granted an application by the Department of Justice to transfer an insider dealing case brought by the Securities and Futures Commission (SFC) to the District Court for criminal prosecution. This came after the SFC commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca, on 2 May 2024 for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017. The first hearing in the District Court will be held on 2 July 2024. Sadler and La Rocca were released on bail pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made as legal proceedings are ongoing.”
$4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Insider Trading: Segantii Specializing in Block Trades Allegedly Knew of Hedge Fund Lone Pine Capital to Sell 10% Shares of $1.4 Billion Fashion Group Esprit in 2017, Segantii CIO Simon Sadler & ex- Trader Daniel La Rocca Received Insider Information from then-Merrill Lynch Trader Tony Psarianos, Segantii Sold 1.57 Million Esprit Shares at Average Price of HKD 5.25 & Short Sell 132,000 Esprit Shares at Average Price of HKD 5.23 with Trades Executed via UBS Securities Asia on 14th June 2017, Lone Pine Capital Sold $117 Million of Esprit Shares the Next Day at Average Price HKD 4.68 with Share Price Decreasing -29% in 6 Trading Days, Court Case Moved to Hong Kong District Court with Higher Sentences, ex-Morgan Stanley Managing Director Du Jun Sentenced to 6 Years Jail in 2009 for Insider Trading
13th June 2024 – $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Insider Trading – Segantii specializing in block trades (of shares) allegedly knew of hedge fund Lone Pine Capital was planning to sell 10% shares of $1.4 billion fashion group Esprit, with Segantii CIO Simon Sadler & ex-trader Daniel La Rocca receiving insider information from then-Merrill Lynch trader Tony Psarianos. On 14th June 2017, Segantii sold 1.57 million of Esprit shares at average price of HKD 5.25 and short sell 132,000 Esprit shares at average price of HKD 5.23 with trades executed via UBS Securities Asia. On 15th June 2017 (next day), hedge fund Lone Pine Capital sold $117 million of Esprit shares at average price of HKD 4.68, with share price decreasing -29% in 6 trading days. The court case has been moved to Hong Kong District Court, with higher sentences. In 2009, ex-Morgan Stanley Managing Director Du Jun was sentenced to 6 years jail for insider trading. In 2023, the Hong Kong Securities & Futures Commission (SFC) issued a 2-year ban on former UBS Managing Director and Chairman & CEO of AMTD Group Calvin Choi for failure to disclose conflict of interest as Managing Director at UBS in 2014 and 2015 on 2 transactions (SFC Ban from 29/9/23 to 28/9/25). The then-UBS Managing Director Calvin Choi had failed to disclose conflict of interest in LR Capital Financial Holdings when acting as advisor (Managing Director) at UBS for clients (2015: LR Capital Financial Holdings, China Minsheng and 2014: Xinte Energy, LR Capital China Growth Company). In 2024 May, Hong Kong $4.8 billion hedge fund Segantii Capital Management currently under legal proceedings for insider trading had received around $1 billion of redemption requests before decision to shutdown the hedge fund and to return capital to investors. Investors in Segantii Capital Management include funds managed by Goldman Sachs & McKinsey pension fund MIO Partners. Segantii founder & Chief Investment Officer Simon Saldar is an ex-Deutsche Bank trader, and founded Segantii in 2007 with $26.5 million. Segantii had average 12% return a year since inception. Simon Saldar has personal fortune of around $360 million & owns UK football team Blackpool. On 2nd May 2024, the Hong Kong Securities & Futures Commission (SFC) started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017.
$4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Executives under Insider Trading Proceedings Received $1 Billion of Redemption Requests Before Decision to Shutdown Hedge Fund, Investors Include Funds Managed by Goldman Sachs & McKinsey Pension Fund MIO Partners, Founder & Chief Investment Officer Simon Saldar is ex-Deutsche Bank Trader & Founded Segantii in 2007 with $26.5 Million, Segantii Average 12% Return a Year Since Inception, Simon Saldar with Personal Fortune of $360 Million & Owns UK Football Team Blackpool
27th May 2024 – Hong Kong $4.8 billion hedge fund Segantii Capital Management currently under legal proceedings for insider trading had received around $1 billion of redemption requests before decision to shutdown the hedge fund and to return capital to investors. Investors in Segantii Capital Management include funds managed by Goldman Sachs & McKinsey pension fund MIO Partners. Segantii founder & Chief Investment Officer Simon Saldar is an ex-Deutsche Bank trader, and founded Segantii in 2007 with $26.5 million. Segantii had average 12% return a year since inception. Simon Saldar has personal fortune of around $360 million & owns UK football team Blackpool. On 2nd May 2024, the Hong Kong Securities & Futures Commission (SFC) started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017. In the latest update, the criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca may be moved to a District Court that can imposed jail sentences of 7 years compared to current Magistrates’ Court with jail sentences of 3 years. Hong Kong SFC (2/5/24): “The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3). No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024. Sadler and La Rocca were released pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made now that legal proceedings have commenced.” More info below:
“ $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management Executives under Insider Trading Proceedings Received $1 Billion of Redemption Requests Before Decision to Shutdown Hedge Fund, Investors Include Funds Managed by Goldman Sachs & McKinsey Pension Fund MIO Partners, Founder & Chief Investment Officer Simon Saldar is ex-Deutsche Bank Trader & Founded Segantii in 2007 with $26.5 Million, Segantii Average 12% Return a Year Since Inception, Simon Saldar with Personal Fortune of $360 Million & Owns UK Football Team Blackpool “
$4.8 Billion Hong Kong Hedge Fund Segantii Capital Management to Return Capital to Investors, Hong Kong SFC Started Criminal Insider Dealing Prosecution Against Segantii, Founder & Chief Investment Officer Simon Saldar & Ex-Trader Daniel La Rocca, Insider Dealing Involved a Hong Kong-Listed Company Shares Prior to Block Trade in June 2017
23rd May 2024 – Hong Kong $4.8 billion hedge fund Segantii Capital Management currently under legal proceedings for insider trading has announced to return capital to investors. On 2nd May 2024, the Hong Kong Securities & Futures Commission (SFC) started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017. In the latest update, the criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca may be moved to a District Court that can imposed jail sentences of 7 years compared to current Magistrates’ Court with jail sentences of 3 years. Hong Kong SFC (2/5/24): “The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3). No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024. Sadler and La Rocca were released pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made now that legal proceedings have commenced.” More info below:
Criminal Insider Dealing Prosecution in Hong Kong Court Against $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management May be Moved to District Court that Can Imposed Jail Sentences of 7 Years Compared to Current Magistrates’ Court with Jail Sentences of 3 Years
23rd May 2024 – The Hong Kong Securities & Futures Commission (SFC) criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca may be moved to a District Court that can imposed jail sentences of 7 years compared to current Magistrates’ Court with jail sentences of 3 years. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017. The next hearing is scheduled for 12th June 2024. Hong Kong SFC (2/5/24): “The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3). No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024. Sadler and La Rocca were released pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made now that legal proceedings have commenced.” More info below:
JP Morgan & Nomura Have Limit Dealings & Exposure to $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management after Hong Kong SFC Started Criminal Insider Dealing Prosecution Against Segantii, Founder & Chief Investment Officer Simon Saldar & Ex-Trader Daniel La Rocca, Insider Dealing Involved a Hong Kong-Listed Company Shares Prior to Block Trade in June 2017
9th May 2024 – JP Morgan & Nomura have limit dealings & exposure to $4.8 billion Hong Kong hedge fund Segantii Capital Management, after Hong Kong Securities & Futures Commission (SFC) started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. On 2nd May 2024, the Hong Kong Securities & Futures Commission (SFC) had started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017. The next hearing is scheduled for 12th June 2024. Ex-Merrill Lynch 14-year veteran banker Tony Psarianos has also been named in the Hong Kong Securities & Futures Commission (SFC) criminal insider dealing prosecution in Hong Kong court JP Morgan hiring of ex-hedge fund Segantii Capital Management trader Daniel La Rocca as Head of APAC Cash Stocks Trading has been terminated (personal reason). The next hearing is scheduled for 12th June 2024. Hong Kong SFC (2/5/24): “The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3). No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024. Sadler and La Rocca were released pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made now that legal proceedings have commenced.”
Ex-Merrill Lynch 14-Year Veteran Banker Tony Psarianos Named in Hong Kong SFC Criminal Insider Dealing Prosecution in Hong Kong Court Against $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management, Founder & Chief Investment Officer Simon Saldar & Ex-Trader Daniel La Rocca, Insider Dealing Involved a Hong Kong-Listed Company Shares Prior to Block Trade in June 2017
4th May 2024 – Ex-Merrill Lynch 14-year veteran banker Tony Psarianos has been named in the Hong Kong Securities & Futures Commission (SFC) criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. JP Morgan hiring of ex-hedge fund Segantii Capital Management trader Daniel La Rocca as Head of APAC Cash Stocks Trading has been terminated (personal reason). On 2nd May 2024, the Hong Kong Securities & Futures Commission (SFC) had started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017. The next hearing is scheduled for 12th June 2024. Hong Kong SFC (2/5/24): “The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3). No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024. Sadler and La Rocca were released pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made now that legal proceedings have commenced.”
JP Morgan Hiring of Ex-Hedge Fund Segantii Capital Management Trader Daniel La Rocca as Head of APAC Cash Stocks Trading Has Been Terminated, Hong Kong SFC Started Criminal Insider Dealing Prosecution in Hong Kong Court Against $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management, Founder & Chief Investment Officer Simon Saldar & Ex-Trader Daniel La Rocca, Insider Dealing Involved a Hong Kong-Listed Company Shares Prior to Block Trade in June 2017
4th May 2024 – JP Morgan hiring of ex-hedge fund Segantii Capital Management trader Daniel La Rocca as Head of APAC Cash Stocks Trading has been terminated (personal reason). On 2nd May 2024, the Hong Kong Securities & Futures Commission (SFC) had started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017. The next hearing is scheduled for 12th June 2024. Hong Kong SFC (2/5/24): “The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3). No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024. Sadler and La Rocca were released pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made now that legal proceedings have commenced.”
Hong Kong SFC Starts Criminal Insider Dealing Prosecution in Hong Kong Court Against $4.8 Billion Hong Kong Hedge Fund Segantii Capital Management, Founder & Chief Investment Officer Simon Saldar & Ex-Trader Daniel La Rocca, Insider Dealing Involved a Hong Kong-Listed Company Shares Prior to Block Trade in June 2017
3rd May 2024 – The Hong Kong Securities & Futures Commission (SFC) has started criminal insider dealing prosecution in Hong Kong court against $4.8 billion Hong Kong hedge fund Segantii Capital Management, founder & Chief Investment Officer Simon Saldar and ex-trader Daniel La Rocca. The insider dealing involved a Hong Kong-listed company shares prior to block trade in June 2017. The next hearing is scheduled for 12th June 2024. Hong Kong SFC (2/5/24): “The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3). No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024. Sadler and La Rocca were released pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses. No further comment will be made now that legal proceedings have commenced.”
Notes:
- Segantii is a hedge fund management firm licensed under the Securities and Futures Ordinance (SFO) to carry on Type 9 regulated activities.
- Section 291 of the SFO prohibits insider dealing of listed securities of a listed corporation or their derivatives.
- A block trade is a purchase or sale of a large amount of shares in a single transaction. The buy and sell orders are privately negotiated between the buyer(s) and seller(s) through investment bank(s) and executed off-market to minimise price impact and avoid unwanted signalling to the public investors of the large-sized transaction.
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