Tuesday, 23 September 2014
Last updated 7 hours ago
Nov 7 2012 | 3:39pm ET
The latest in a string of hedge-fund insider-trading trials got underway this morning in New York, as jury selection began in the case against Level Global Advisors founder Anthony Chiasson and former Diamondback Capital Management trader Todd Newman.
The government remains undefeated in such cases, and the odds against Chiasson and Newman look long. Two former co-defendants have struck plea deals with prosecutors, who also have two other cooperating witnesses in the case. And the two will face the same mountain of wiretap evidence that has helped sink the five men who have previously faced trial in the government's ongoing crackdown.
The trial was originally scheduled to start on Oct. 29, but was delayed by Hurricane Sandy.
Prosecutors have accused Chiasson and Newman of being part of a $60 million insider-trading ring. The offices of Level Global and Diamondback were raided by the Federal Bureau of Investigation two years ago, and the indictments allege that "a club where everyone scratched everyone else's back" traded tips in 2008 and 2009, primarily about technology companies.
U.S. District Judge Richard Sullivan, who presided over the second Galleon Group trial last year, is on the bench for this one.
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 McKitich, CIO of Petty 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…
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.