Thursday, 25 December 2014
Last updated 1 day ago
Sep 1 2011 | 12:31pm ET
A federal judge yesterday threw the book at former Galleon Group trader Craig Drimal, sentencing him to five-and-a-half years in prison.
U.S. District Judge Richard Sullivan's sentence fell in the middle of the 57 to 71 months called for by federal sentencing guidelines; Drimal's lawyers had sought a sentence below that range. Sullivan also ordered Drimal to forfeit $11 million.
"There has to a message sent to hedge fund managers and traders: This is not going to be tolerated," Sullivan said.
"I'm deeply sorry for the pain I've caused," Drimal said. "I understand I've committed a crime and I deserve to pay the price."
Drimal pleaded guilty in April to conspiracy and fraud charges, admitting to his membership in one of two interlocking insider-trading rings.
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.