Morgan Stanley Banker Pawan Passi Joins Firm That Got His Block Trading Leaks – Bloomberg

Pawan Passi was hired by Frank Fu’s CaaS Capital Management, according to people familiar with the matter. CaaS made its name partnering with banks as they sought buyers for block trades, becoming one of the biggest US funds dedicated to buying big chunks of stocks.

A yearslong investigation into block trading that reverberated across the industry culminated in January after Morgan Stanley agreed to pay $249 million to the Justice Department and the Securities and Exchange Commission. Passi also agreed to a monetary fine and a one-year ban from the industry as part of his pact with the SEC.

He’s able to work at CaaS because three weeks ago the firm terminated its registration with the SEC, according to a regulatory filing.

Source: Morgan Stanley Banker Pawan Passi Joins Firm That Got His Block Trading Leaks – Bloomberg