Hong Kong ‘block trade king’ exploited bank lapse to make HK$1.7 million, court told

A prominent hedge fund manager took advantage of a bank’s “wholesale collective failure” to prevent illicit trading, making HK$1.7 million in a single day by using confidential information to sell shares in a Hong Kong fashion house nine years ago, prosecutors alleged on Tuesday.British-born investor Simon Sadler is on trial at the District Court alongside the now-defunct Segantii Capital Management and former employee Daniel Anthony La Rocca Jnr over alleged insider dealing in the shares of Hong Kong-listed Esprit on June 14, 2017.Once dubbed Asia’s “block trade king”, Sadler founded Segantii in 2007, building the Hong Kong investment firm into one of the region’s largest hedge funds, with nearly US$5 billion in assets in its heyday.