Passport Capital Portfolio Manager Busted For Frontrunning, Barred

More troubles for John Burbank's pro-cyclical $2.4 billion Passport Capital which was down a whopping 50.9% in 2008. According to India's equivalent of the SEC, Passport PM Dipak Patel had been front running the fund for about two years from 2007 to 2009, and has been subsequently barred from the industry. As expected, the firm has washed its hands of any wrongdoing:

"If such conduct did in fact occur, it took place without Passport's knowledge and contradicted Passport's established policies and procedures," the firm, which manages $2.4 billion, said in a June 5 e-mail.

Of course, where there is smoke there is usually fire. Amusingly, Passport generated a return of 219.7% in 2007 - interesting out of that, how much was due to Dipak's highly ethical trades. Passport Capital performance courtesy of Market Folly.

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And here is the actual complaint.

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