Monday, 30 November 2015
Last updated 3 hours ago
May 27 2010 | 10:59am ET
Danielle Chiesi may be codefendants with Galleon Group founder Raj Rajaratnam. But she had an even more special relationship with another of the accused in the insider-trading case.
According to prosecutor Reed Brodsky, former IBM executive Robert Moffat was involved in an “intimate relationship” with Chiesi, a former executive at hedge fund New Castle Partners. Brodsky made the allegation at the sentencing of Chiesi’s former boss at New Castle, Mark Kurland, last week.
Kurland, the first of the 21 people charged in the case to be sentenced, received more than two years in prison.
Moffat pleaded guilty to providing confidential information about IBM, Advanced Micro Devices and Lenovo Group to Chiesi, who allegedly used the tips to trade, as well as passing them on to others. According to his lawyers, Moffat did not trade illegally himself or accept any money for the tips; according to Brodsky, he was motivated by love. Unlike most of the 11 defendants who have pleaded guilty in the case, Brodsky did not cooperate with prosecutors.
Moffat faces up to six months in prison when he is sentenced on July 26.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…