Sunday, 19 October 2014
Last updated 2 days 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?"
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 ...