Wednesday, 22 October 2014
Last updated 12 hours ago
Feb 14 2012 | 1:57pm ET
Three hedge fund employees arrested last month on insider-trading charges have pleaded not guilty.
Level Global Investors co-founder Anthony Chiasson, former Diamondback Capital Management trader Todd Newman and former SAC Capital Advisors analyst Jon Horvath entered their pleas today in Manhattan federal court. A fourth man charged in the alleged scam, Whittier Trust Co.'s Danny Kuo, also pleaded not guilty to the conspiracy and securities fraud charges.
The four men are the latest rounded up as part of the government's ongoing insider-trading crackdown, an effort that has already ensnared more than 60 people and won more than 50 convictions or guilty pleas, including that of Galleon Group founder Raj Rajaratnam. Chiasson, Newman, Horvath and Kuo are linked by prosecutors to the Primary Global Research insider-trading ring. Three other men charged alongside the four have already pleaded guilty and are cooperating with prosecutors.
According to the U.S. Attorney's Office in Manhattan, the four men were part of a criminal club that made more than $60 million in illegal profits, including a single $53 million profit on Dell Inc. shares that is the "largest single trade ever charged in the Southern District in an insider-trading case."
The four men face up to 25 years in prison if convicted. All are currently free on bail.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...