Friday, 27 March 2015
Last updated 32 min ago
Jan 28 2010 | 12:19pm ET
As expected, New Castle Partners founder Mark Kurland pleaded guilty yesterday to insider-trading charges. But unlike the seven people who had already done so, Kurland is not cooperating with prosecutors in a case that has ensnared 21 individuals, including Galleon Group founder Raj Rajaratnam.
The 61-year-old Kurland pleaded guilty to one count each of conspiracy and securities fraud.
“I knew the information was received from a source who was obligated to keep it confidential,” Kurland told U.S. Magistrate Judge Ronald Ellis about a tip he used to trade shares of Advanced Micro Devices. The hedge fund manager said he participated in the insider-trading circle from August 2008 until the beginning of last year.
But while Kurland has agreed to forfeit $900,000 as part of his plea, he is not cooperating with the government and did not identify the source or sources of his inside information. He faces up to 20 years in prison when he is sentenced on April 27.
Kurland is one of two people who worked at New Castle—formerly part of Bear Stearns—to be charged in the case; the other, former executive Danielle Chiesi, pleaded not guilty to insider-trading charges alongside Rajaratnam last month. Chiesi worked for Kurland at New Castle.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…