Tuesday, 28 July 2015
Last updated 17 hours 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…