FSA Raids and Arrests said to involve Moore Capital

As i wrote earlier, the FSA has performed some raids and arrested six people today. We now know that Moore Capital was targeted. According to Zero Hedge:

This is a huge development as Moore Capital has long been one of the world’s largest and best performing hedge funds. The fallout of this case will be severe for hedge funds both in the UK and across the Atlantic.

According to Moore Capital’s Linked In profile, the career path of Moore Capital’s employees looks typically like this:

Linked In Profile Moore Capital

Linked In Profile Moore Capital

The founder of Moore Capital is Louis Bacon, who according to Wikipedia:

Louis Moore Bacon (born 1956) is an American hedge fund manager and trader who uses a global macro strategy to invest in the markets. Bacon has been at the top 20 ranking of Top 100 money earners since the 1990s.[1] He is considered one of the top 100 traders of the 20th century. With an estimated current[update] net worth of around $1.7 billion, he is ranked by Forbes as the 707th richest person in the world.[2] He is the manager of a leading New York City-based hedge fund, Moore Capital Management.

However, it is not clear how or if he is involved in this raid.

Further, according to Zero Hedge:

Here is a summary of Moore’s top holdings, which will likely now follow the same firesale fate as Galleon’s. The biggest holding: Bank Of America, at just over $534 million worth.

  • Bank of America: $534 million
  • Max Capital Group: $223 million
  • Mastercard: $106 million
  • SPY: $103 million
  • EEM: $93 million
  • CME Group: $83 million
  • Assured Guaranty: $74 million
  • Trading Emissions: $58 million
  • Banco Santander: $55 million
  • Citigroup: $45 million

And a whole lot of unknown bond and CDS holdings

Amazing. There really seems to be a huge scandal brewing here. More arrests to follow?

Hat tip: Zero Hedge


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