Fortuna, Convicted In Galleon Case, Settles SEC Case

Oct 7 2011 | 10:39am ET

A hedge fund manager who pleaded guilty in the Galleon Group insider-trading case has now settled Securities and Exchange Commission civil charges against him.

Steven Fortuna will pay $300,000 under a settlement approved by a federal judge. He pleaded guilty in 2009 to trading on a tip he received from former New Castle Partners executive Danielle Chiesi, a key member of Galleon founder Raj Rajaratnam's insider-trading ring.

The SEC agreed to drop its charges against Fortuna's hedge fund, S2 Capital Management, which has "ceased operations and is essentially defunct."

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