A New York hedge-fund manager agreed to pay more than $2.9 million to settle U.S. regulatory claims that he violated his fiduciary duty by engineering an undisclosed principal transaction in which he had a financial conflict of interest.

Shadron Stastney, a partner at investment advisory firm Vicis Capital LLC, was also barred from association with an investment company or broker-dealer for at least 18 months, the Securities and Exchange Commission said in a statement.

In settling the claims, Stastney didn’t admit or deny wrongdoing, the SEC said.