Sunday, 28 December 2014
Last updated 17 min ago
Dec 20 2011 | 1:27pm 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.
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.