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23

SEC Reviews Bond Trades by Hedge Funds, Devaney’s Firm

By Tony Seruga

Devaney says unaware of any such review, firm follows all laws
Investigators said to look at pricing in trades of securities

U.S. securities regulators are reviewing a series of trades involving hedge funds and a Florida mortgage-bond dealer to see if they may have inflated prices for illiquid securities, according to people with knowledge of the matter.

At issue, the people said, are trades between hedge funds — including Candlewood Investment Group — and United Capital Markets, a brokerage owned by John Devaney. Investigators at the U.S. Securities and Exchange Commission are trying to determine if the prices in small transactions were reasonable or were inflated to allow the parties to record gains on bigger holdings of the securities, according to the people. Devaney said there has been no suggestion by regulators that his firm engaged in misconduct…

SEC Reviews Bond Trades by Hedge Funds, Devaney’s Firm

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