Tuesday, 30 September 2014
Last updated 1 hour ago
Jul 15 2010 | 11:49am ET
A federal judge has ruled that prosecutors haven’t given Galleon Group founder Raj Rajaratnam and former New Castle Partners executive Danielle Chiesi enough information about the insider-trading charges against them.
U.S. District Judge Richard Holwell ordered prosecutors to provide more details about the insider tips Rajartnam and Chiesi are accused of trading and trading on. In cases involving acquisitions, prosecutors must specify the name of the target acquisition, the substance of the information provided, the date the tip was received and who passed it along.
“It matters when the information was conveyed,” the judge ruled. “Information about an upcoming acquisition may be material and nonpublic on one day, and public the next day.”
Prosecutors do not have to itemize the trades included in the conspiracy charges or give further details about allegations stemming from the wiretaps at the heart of the case, as those taps have already been turned over.
“A defendant might argue that the information he sought to obtain was not material, or that it was already public at the time he tried to get it,” Holwell wrote. “But he can only do that if he knows what the information is and when it was conveyed.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...