The Securities and Exchange Commission filed a civil suit against a former top executive of an activist San Francisco hedge fund and six others charging them with insider trading, saying they made more than $8 million trading on stocks based partly on information the executive learned on the job.
The executive, Ronald Yee, was the chief financial officer of ValueAct Capital, a firm known for taking big stakes in companies and becoming involved in their management, the firm said. ValueAct is run by former Fidelity Investments fund manager Jeffrey Ubben, who is best known for being the second-biggest shareholder and becoming chairman of Martha Stewart Living Omnimedia Inc. after the company’s namesake founder was indicted on charges related to insider trading.
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