Greenlight Capital to Pay $11 Million Fine in Insider Case

For those of you that may not know the name, David Einhorn is a prominent hedge fund manager who runs Greenlight Capital.  Mr. Einhorn's moves are closely followed both on and off Wall Street.  Last year he unsuccessfully made a bid for the New York Mets baseball team.

Jonathan Fickies/Bloomberg News 

So this is news to find out that Greenlight Capital was fined $11 million by UK regulators.  Here is the full article from the NYT

• The Financial Services Authority of Britain penalized Mr. Einhorn for selling shares in Punch Taverns shortly after learning that the company was considering a large stock sale, a move that would be expected to drive down a company’s share price.
• Mr. Einhorn denied any wrongdoing, and in an hourlong conference call with his investors and the media on Wednesday afternoon, he denounced the regulator, which has vowed to take a tougher stance on white-collar crime.
• “This resembles insider dealing the way that soccer resembles football,” said Mr. Einhorn, who delivered 40 minutes of prepared remarks on the call. He described the regulator’s case as “something more akin to a traffic cop with a quota at the end of the month and a miscalibrated radar gun.”

I would have to believe that the regulators must have enough credible evidence to brings these charges.  And Greenlight although $11 million is a drop in the bucket for them probably just wants to out this behind them and move on which is we they probably settled and of course denied any wrong doing.