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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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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