Sunday, 29 November 2015
Last updated 1 day ago
Jan 26 2012 | 9:53am ET
A hedge fund trader arrested last week as part of the government's latest insider-trading case can remain free on bail, a judge ruled.
Todd Newman, a former portfolio manager at Diamondback Capital Management, had his $3 million bail approved by U.S. Magistrate Judge Michael Dolinger in Manhattan. Dolinger also approved the $300,000 bond set last week for Danny Kuo, a technology fund manager at Whittier Trust in California.
Newman and Kuo are two of the four men arrested last week; the others were Level Global Investors founder Anthony Chiasson and SAC Capital Advisors analyst Jon Horvath. The four were allegedly part of an insider-trading ring with former Level Global analyst Spyridion Adondakis, former Diamondback analyst Jesse Tortora and former Neuberger Berman and Dell Computer employee Sandeep Goyal. All seven were charged last week; Adondakis, Tortora and Goyal have pleaded guilty and are cooperating with prosecutors.
Newman and Kuo each face up to 25 years in prison if convicted of conspiracy and securities fraud.
In addition to the bond, Dolinger ordered Newman to surrender his passport and Kuo, who also holds Taiwanese citizenship, to surrender both of his. In addition, Newman's travel has been limited to Massachusetts, Rhode Island, Connecticut and parts of New York, and Kuo's wife was ordered to notify the court at least two weeks in advance if she and Kuo's child plan any "significant" travel outside of the U.S.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…