Sunday, 23 November 2014
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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...