Moore Capital Management said it has fired a portfolio manager who threw a wild party in the Hamptons over the July Fourth weekend, which has since become famous on the internet.

"Mr. [Brett] Barna's personal judgment was inconsistent with the firm's values," the company told CNBC in a statement. "He is no longer employed by Moore Capital Management."

News reports cited a raucous party that Barna threw over the weekend at a $20 million mansion in the Hamptons, the summer playground of New York City's wealthy. The party featured showers of Champagne, throngs of young people milling around the house and dwarfs with Champagne guns.