Sunday, 21 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.