Saturday, 30 August 2014
Last updated 21 hours ago
Aug 3 2012 | 10:24am ET
Another cooperating witness has been rewarded for his "substantial assistance" with a no-jail sentence for insider-trading.
Anthony Scolaro, a former Diamondback Capital Management trader who wore a wire as part of the government's probe, was sentenced to three years' probation yesterday. Scolaro's crimes could have put him in jail for 20 years, but prosecutors lauded his cooperation, saying he recorded at least 43 phone calls and "never complained or hesitated in providing assistance to the government."
Scolaro, who provided the first link between the Galleon Group case and the expert-network case that led to the FBI raid on Diamondback and three other hedge funds, pleaded guilty in November 2010 to trading on confidential information he received from former Galleon manager Franz Tudor, who also cooperated.
U.S. District Judge William Pauley also ordered Scolaro to pay $275,890 in fines and forefeitures, calling his "a crime motivated by avarice and calculation." For his part, Scolaro said he made "a terrible mistake" and, "I humbly apologize to God."
Diamondback, which was never accused of any wrongdoing in the case and which is the only one of the four hedge funds raided in 2010 to have survived, thought he left out at least one apology.
The hedge fund was "disappointed that Scolaro did not apologize to Diamondback's investors, whose trust he abused in committing his crimes," a spokesman for the firm told Bloomberg News.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...