James Dinan’s York Capital Management LP is under investigation from a Spanish regulator for allegedly using a banned trading technique in bets made against Bankia SA (BME:BKIA) (OTCMKTS:BNKXF), Spain’s mortgage giant.
he Comision Nacional del Mercado de Valores, or CNMV, is looking into whether York failed to cover its Bankia SA (BME:BKIA) (OTCMKTS:BNKXF) position in a ‘timely manner’.
York Capital Management’s naked share sale
In December, the Spanish regulator started a probe into bets made against Bankia shares before May 23, 2013 when the stock plunged 51% after terms of a Government bailout were disclosed.
As reported earlier, in May 2013, shares...
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