October 13, 2016 / 4:21 PM / 10 months ago

Hedge fund Artis Capital settles charges related to insider trading -U.S. SEC

WASHINGTON, Oct 13 (Reuters) - San Francisco-based Artis Capital Management has agreed to disgorge profits of $5.2 million plus $1.1 million in interest and pay a penalty of $2.6 million to settle charges related to the hedge fund's failure to detect insider trading by an employee, the Securities and Exchange Commission said on Thursday.

Michael Harden, a senior research analyst at Artis Capital, also agreed to pay a $130,000 penalty to settle the charges and was suspended from the securities industry for 12 months, the SEC said in a statement.

The employee, Matthew Teeple, was sentenced in 2014 to five years in prison after pleading guilty to conspiracy to engage in securities fraud. (Reporting by Mohammad Zargham; Editing by Phil Berlowitz)

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