Object of harassment suit starts fund

A former SAC Capital Advisors LLC trader accused of workplace harassment is looking to raise $500 million for his own hedge fund.
JUN 13, 2008
By  Bloomberg
A former SAC Capital Advisors LLC trader accused of workplace harassment is looking to raise $500 million for his own hedge fund, according to Bloomberg. Ping Jiang started Ping Capital Management LLC at the end of April. He had left SAC Capital, a $16 billion hedge fund firm, a month earlier. Ping Capital, which trades emerging-market bonds, currencies, commodities and equities, has about 16 employees working out of New York and Shanghai, according to the Bloomberg report. Mr. Jiang was a global macro manager at Stamford, Conn.-based SAC Capital for about three years. Previously, he worked at Lehman Brothers Holdings Inc. of New York, where he was the head of proprietary trading in global currencies, bonds and commodities. Andrew Tong named Mr. Jiang and SAC Capital in a complaint filed in New York State Supreme Court alleging that Mr. Tong was subjected to ``sexual harassment, a hostile work environment, discrimination and retaliation by defendants,'' according to court documents dated May 17. Judge Bernard Fried ruled that Mr. Tong must submit to arbitration. Mr. Tong's appeal was presented on June 3. A decision is pending.

Latest News

Finra's Reg BI Enforcement: Is it 'ineffective, costly'?
Finra's Reg BI Enforcement: Is it 'ineffective, costly'?

The industry watchdog's own reports reflect failures to deter "willful" and "repeat" violations, raising a crucial question about the future of regulation.

SEC prepares to back away from defending climate rule in court
SEC prepares to back away from defending climate rule in court

Acting Chairman Mark Uyeda directed SEC staff to initiate a pause in court while the commission awaits a quorum. The SEC may decide to withdraw from defending itself in a lawsuit over last year's climate disclosure rule.

wealth.com welcomes Kathy Wunderli in private wealth push
wealth.com welcomes Kathy Wunderli in private wealth push

The top estate planning platform's veteran hire will lead its legal team's efforts to develop estate planning, tax analysis, and wealth transfer solutions for ultra-high-net-worth clients.

Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam
Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam

“If Morgan Stanley had called my client’s son, this wouldn’t have happened,” the investor's attorney said.

LPL welcomes $630M sibling advisor duo from Corebridge
LPL welcomes $630M sibling advisor duo from Corebridge

Meanwhile, Ameriprise has bolstered its own ranks as an LPL defector joins its branch channel in California.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.