Tuesday, 2 September 2014
Last updated 47 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...