Hedge fund firm FrontPoint Partners was the beneficiary of illegal tips into negative news from Human Genome Sciences Inc., according to Reuters.
Early on Tuesday, U.S. authorities filed criminal and civil fraud charges against Yves M. Benhamou, a 50-year-old French physician, saying he leaked nonpublic information in late 2007 and early 2008 to a hedge fund. Reuters notes authorities did not name the hedge fund.
FrontPoint Partners oversees roughly $7 billion in assets, including in health care funds. It has offices in Greenwich, Conn.; New York; and London.