3AC co-founders banned from doing business in Singapore
Date: 2023-09-15 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
The regulator said Davis and Zhu violated a number of securities or futures laws.
3AC co-founders are prohibited from managing companies, holding management positions or being major shareholders in the capital markets.
During the detailed investigation, MAS found further violations by the hedge fund and its managers between August 2020 and January 2022. These included a failure to notify the agency of the appointment of a new portfolio manager and a lack of risk management.
“MAS takes it extremely seriously that Zhu and Davis are disregarding regulations or failing to perform their duties as directors. The department will take measures to eliminate top managers who commit such misconduct,” the resolution reads.
The creators of the hedge fund announced the launch of a new crypto exchange, OPNX, back in April.
Leslie Lamb, wife of former CoinFLEX CEO Mark Lamb, has been appointed CEO. She later criticized investors who distanced themselves from the company.
In July, Davis vowed to donate potential proceeds from the new platform to 3AC lenders for "good karma."
In August, it became known about a hearing on disagreements between DeFiance Capital and Teneo, which represents the interests of 3AC liquidators, regarding the status of assets worth $141 million.
