A Massachusetts priest who moonlights as a hedge fund manager was
sued by federal regulators for allegedly making false statements about a
biotech company to try to drive down its share price.
In an attempt to profit from his short position, Emmanuel Lemelson published false “research reports” about Ligand Pharmaceuticals Inc.
on popular investing websites, including Seeking Alpha, according to a
complaint filed Wednesday by the U.S. Securities and Exchange
Commission.
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Lemelson was ordained by the Greek Orthodox Church, which allows priests to marry and hold jobs outside their religious duties.
The
money manager gained attention in a October 2015 Wall Street Journal
profile. The article said Lemelson managed about $20 million, had made
millions of dollars for his investors and quoted him as saying, “my
whole life I always knew things before they happened. I guess it’s just a
gift from God.”
Hedge Fund Priest Sued by SEC for Alleged Stock Manipulation - Bloomberg
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