Sunday, 1 March 2015
Last updated 2 days ago
Apr 12 2012 | 10:30am ET
The only hedge fund to survive 2010's insider-trading raids has seen its settlement with the Securities and Exchange Commission finalized.
U.S. District Judge Harold Bear entered a final judgment on consent in the case last week, approving the deal Diamondback struck in January. The hedge fund agreed to pay more than $9 million in disgorgement, pre-judgment interest and fines.
The settlement also includes a non-prosecution agreement.
According to the SEC, Diamondback made more than $5 million on illegal trades made by portfolio manager Todd Newman. Newman, who was arrested and charged in January, was allegedly tipped by Diamondback analyst Jesse Tortora, who is cooperating with prosecutors.
Diamondback has not been accused of wrongdoing itself, and has said it has cooperated with the investigation.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…