Hedge Funds

NASD's PIPEs investigation snares manager


The National Association of Securities Dealers said on Tuesday that it has permanently barred John F. Mangan, Jr., a hedge fund manager and former broker at Friedman Billings Ramsey Group, from working in the brokerage business.

Mangan, who once managed a group of proprietary FBR hedge funds and was most recently running hedge fund firm Mangan & McColl Partners, will also pay a $125,000 fine to settle NASD charges that he deceptively obtained shares in a private offering of stock and profited by improperly selling those shares short.

According to the NASD, Mangan, then a broker at FBR, improperly acquired