Wednesday, 17 September 2014
Last updated 1 hour ago
Jul 2 2012 | 2:43pm ET
Three accused hedge fund insider-traders will stand trial together in October.
Level Global Investors co-founder Anthony Chiasson, former Diamondback Capital Management trader Todd Newman and former SAC Capital Advisors analyst Jon Horvath were arrested in January as part of the government's ongoing insider-trading crackdown. According to federal prosecutors, the three 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 three are linked to the Primary Global Research insider-trading ring; four others charged alongside them have already pleaded guilty and are cooperating with prosecutors.
Chiasson, Newman and Horvath had asked to be tried separately. But U.S. District Judge Richard Sullivan rejected those requests, ruling that the three will face a jury together, beginning on Oct. 29.
Newman's lawyer complained that the jury will be prejudiced to hear about how much the other defendants made—Newman's profit is pegged at just $3.8 million, while Chiasson's was allegedly $57 million. Sullivan would have none of it.
"I tried a murder trial with the shooter and the look-out at the same time," he said. "How do you think they felt?"
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?