The Securities and Exchange Commission and the NASD have charged former hedge fund manager Hilary Shane with fraud and insider trading. She has agreed to pay $1.45 million and agreed to a lifetime ban on working in the brokerage business and a one-year ban on serving as an adviser or hedge fund manager, according to TheStreet.com. This is the first action that stems from a year-long probe into the "private investments in public equity" market. Such deals are known as PIPEs. The action stemmed from dubious trades in CompuDyne. Friedman Billings Ramsey is involved in talks to settle possible charges from the same transactions.

> Here's the article from TheStreet.com.