UBS Hires Ex-Deutsche Bank Credit Derivatives Salesman Rorech

Date : 07/21/2010 @ 9:37AM
Source : Dow Jones News
Stock : Thc Farmaceuticals, (PN) (CBDG)
Quote : 0.244  0.0 (0.00%) @ 7:53AM

UBS Hires Ex-Deutsche Bank Credit Derivatives Salesman Rorech

UBS Group AG (NYSE:UBS)
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UBS AG (UBS) has hired Jon-Paul Rorech, the bond and credit derivatives salesman who while at Deutsche Bank AG (DB) was the subject of the Securities and Exchange Commission's first case involving credit default swap insider-trading charges.

Rorech, who left Deutsche Bank recently to take up the newly created role at UBS, was vindicated in June after a federal judge dismissed the case on the grounds that there was insufficient evidence to support the SEC's allegations.

He is set to start in early August as a managing director in hedge fund credit sales, reporting to Joseph Stewart, co-head of credit sales for North America at UBS. Stewart confirmed the hire via a spokesman, but otherwise declined to comment.

Attempts to reach Rorech through his former defense attorneys at law firm Goodwin Procter were unsuccessful.

An SEC spokesman said the agency would "continue to consider its options" in regard to appealing the judge's decision. A Deutsche Bank spokeswoman declined to comment.

Rorech had been accused of passing material information about the nature of a forthcoming $1.6 billion bond offering by Dutch publisher VNU to Renato Negrin, a senior official at hedge fund Millennium Partners LP. Negrin allegedly used that information to make a $1.2 million profit from credit default swaps tied to VNU, now Nielsen Co. Deutsche Bank was advising on the bond sale.

The defense insisted that market participants had begun speculating about the structure of the bond offering and that any information learned about changes to the deal was not considered non-public, nor was any inside information passed between the accused officials. In an internal investigation, Deutsche Bank also said it found no evidence of wrongdoing.

The SEC said the two relevant conversations between the pair happened on unrecorded cellphone lines.

-By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com

 
 

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