Monday, 20 October 2014
Last updated 3 hours ago
Jun 8 2011 | 11:35am ET
The first man arrested in the Justice Department's ongoing insider-trading investigation became the ninth to plead guilty yesterday.
Don Ching Trang Chu admitted that he sold confidential information to hedge funds during his time with expert network Primary Global Research.
"I occasionally was present for in-person meetings in Taiwan between PGR clients and PGR consultants during which some of the PGR consultants disclosed to the PGR clients material, non-public information," Chu said during his plea hearing in Manhattan federal court. "I understood that the PGR clients intended to use that information in connection with the purchase or sale of securities by the hedge funds for which they worked." Chu's admission comes in the midst of the first trial stemming from the expert-network crackdown, that of former Primary Global consultant Winifred Jiau.
Chu was accused of passing tips to former SAC Capital Advisors trader Richard Choo Beng Lee, who pleaded guilty as part of the Galleon Group insider-trading case.
Chu faces up to 25 years in prison when he is sentenced on Sept. 7, although his plea agreement calls for no more than six months in jail.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...