Hedge funds pay $15.8m in Pipe settlement

Three New York-based hedge funds have reached a settlement with the Securities and Exchange Commission over charges related to illegal trading in connection with so-called Pipe offerings.

The agency alleges that three funds - Langley Partners, North Olmsted Partners and Quantico Partners - carried out a scheme to evade registration requirements under federal securities laws for 23 unregistered securities offerings, known as private investment in public equity, or Pipes.

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Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a BillionaireExternal link

Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire