Wednesday, 3 June 2015
Last updated 37 min ago
Jun 5 2012 | 10:22am ET
A former Galleon Group trader who wore a wire for the government has been handsomely rewarded for his cooperation.
Franz Tudor was sentenced to just three years' probation and ordered to pay $106,000 on Friday. Prosecutors credited Tudor, who pleaded guilty almost three years ago, with winning the guilty plea of former Diamondback Capital Management trader Anthony Scolaro. Tudor also taped conversations with Incremental Capital's Zvi Goffer and Michael Kimelman, both of whom were convicted at trial.
Tudor worked at Incremental after leaving Galleon and following a stint at Schottenfeld Group. He began cooperating with investigators in October 2008.
"Your cooperation is very impressive," U.S. District Judge Richard Sullivan told Tudor. "It was immediate, it was substantial and it was time-consuming."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…