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by Mike Caswell

Bermuda hedge fund manager Christopher Kuchanny has defeated civil charges he faced from the U.S. Securities and Exchange Commission over illegal short sales in Central Fund of Canada Ltd. A judge has ruled that there was no violation of U.S. law because the transaction occurred entirely outside of the U.S. The instruments that Mr. Kuchanny traded were not listed on a U.S. exchange and the trade was routed through London, England.

The decision brings an end to a case in which the SEC complained about trades that Mr. Kuchanny executed in 2009. The regulator said that Mr. Kuchanny's company, Revelation Capital Management Ltd., made $1.3-million in a transaction that included short-selling Central Fund of Canada ahead of an offering in which Revelation participated. (All figures are in U.S. dollars.) The trading violated U.S. rules intended to prevent those buying shares in an offering from manipulating the price, the SEC claimed.

ROYAL GAZETTE

Chris Kuchanny

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