Monday, 20 October 2014
Last updated 2 days ago
Jul 1 2011 | 1:06am ET
One of the expert-networkers in the Primary Global Research case pleaded guilty to insider-trading charges yesterday, the ninth person to do so.
Mark Longoria admitted he passed confidential information about his company, Advanced Micro Devices, and another company, Western Digital Corp., where he worked before joining AMD to several hedge fund managers. Longoria said he was paid $300 per call with Primary Global Clients, earning about $200,000 over the four years of the scheme.
Primary Global “paid me for providing material, non-public information, mostly be telephone, to hedge fund clients,” Longoria said in court. “I believed at the time that the hedge funds would use the non-public information I gave them to make trading decisions.”
Those hedge funds were Barai Capital Management and Spherix Capital, according to prosecutors. The heads of both firms have pleaded guilty in either the Primary Global case or the Galleon Group case.
Longoria faces up to 50 years in prison on the conspiracy, securities and wire fraud, and making false statements to prosecutors and the Federal Bureau of Investigation charges. He is likely to receive much less, as he is cooperating with prosecutors.
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 ...