Thursday, 25 December 2014
Last updated 1 day ago
Nov 8 2011 | 9:23am ET
A federal judge has gone through with his plan to fine a man for passing confidential corporate information to his hedge fund manager son.
U.S. District Judge Robert Patterson said last month, while sentencing H. Clay Peterson to two years' probation and three months of house arrest, that he might also fine him $400,000. Last week, he decided that his initial inclination was the right one, and ordered the fine.
Peterson pleaded guilty in August to tipping his son Drew off to the impending acquisition of Mariner Energy, on whose board the senior Peterson served. Drew Peterson then tipped off another hedge fund manager, Big 5 Asset Management's Bo Brownstein. Both Drew Peterson and Brownstein have pleaded guilty in the case.
Prosecutors had not sought a fine from Patterson. Peterson's defense team suggested a $126,000 fine instead, citing their client's limited assets and his diminished future earnings capacity.
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.