Clay Capital Chief Admits Insider Trading

Dec 20 2011 | 2:27pm ET

Hedge fund manager James Turner has pleaded guilty to running an insider-trading scheme.

The former Clay Capital Management chief investment officer admitted he made more than $2.5 million trading shares of three companies in Newark, N.J., federal court yesterday. Turner received confidential tips about the companies from his brother-in-law and college friend, who worked at two of the companies.

Turner faces up to 20 years in prison when he is sentenced on April 16.

"Today's guilty plea closes the door on an insider-trading scam in which three people used their access to privileged information to manipulate trades and ensure their own success at the expense of other stockholders," Paul Fishman, U.S. Attorney for New Jersey, said.

Turner's co-conspirators, Scott Vollmar and Scott Robarge, have already pleaded guilty.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...