Thursday, 18 December 2014
Last updated 1 hour ago
Aug 10 2011 | 5:14am ET
The hedge fund manager that earned more than $5 million trading on confidential information has been identified as Bo Brownstein.
Brownstein is the founder of Denver-based Big 5 Asset Management. The son of a prominent Denver lawyer, he’s also the hedge fund manager referred to—but not named—as an unindicted co-conspirator in the criminal and civil charges against H. Clayton Peterson and Drew Peterson, according to published reports.
The latter, the former’s son and a money manager at Private Capital Management, allegedly passed tips about the impending acquisition of Mariner Energy—gleaned from his father, who sat on the company’s board of directors—to Brownstein. The two men are close friends, according to the criminal complaint.
Brownstein and Peterson are close friends, according to the complaint.
The Petersons pleaded guilty last week to fraud and conspiracy.
According to the complaints against the Petersons, Brownstein earned $4.6 million for Big 5, $130,000 for himself and $305,000 for his relatives. Brownstein has not been charged with any wrongdoing.
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.