Michael Iavarone, owner of Triple Crown contender Big Brown, was fined, censured and suspended by securities regulators for unauthorized trades in 1999.
Iavarone, 37, a former stockbroker, hasn't disclosed the regulatory actions as he plans to raise $100 million for a hedge fund that will invest in racehorses.
Big Brown, a three-year old colt, would be the first horse to win the Triple Crown in 30 years, if it finishes first in the Belmont Stakes on June 7.
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