Sunday, 29 March 2015
Last updated 1 day ago
Nov 30 2011 | 10:39am ET
A former hedge fund trader charged with insider-trading last year made sure a friend profited from the illegal trading, a London jury heard yesterday.
Anjam Ahmad, then of AKO Capital, told Rupinder Sindhu what shares the hedge fund was buying and selling on a given day. Ahmad was charged last spring with trading 22 different securities based on confidential information; AKO was not accused of any wrongdoing.
"In every case, every one of these transactions, Mr. Sidhu's trading coincided with trading in the same stock, in the same shares, by Mr. Ahmad on behalf of AKO in accordance with the instructions that Anjam Ahmad had received from his superior," prosecutor Michael Brompton said. "It became an activity that was carried out on an increasingly large scale for increasingly large profit for Mr. Ahmad and Mr. Sidhu, and they split that profit."
Brompton cited MSN Messenger accounts Sidhu and Ahmad used to communicate only with each other. Sidhu's trades may have earned him more than £130,000.
Sidhu has pleaded not guilty to the 24 insider trading and money laundering charges. The trial is expected to last about three weeks and Sidhu faces up to seven years in prison if convicted.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…