Monday, 20 October 2014
Last updated 2 days ago
Nov 13 2012 | 11:28am ET
Level Global Investors co-founder Anthony Chiasson and former Diamondback Capital Management trader Todd Newman will begin their battle against the odds—and insider-trading charges—today.
Opening statements will be heard in the case against the two men today in Manhattan federal court. Prosecutors have accused the two of being members of a "criminal club" that traded in confidential tips about technology companies and made $60 million doing so. Six others were charged in the case; all pleaded guilty, including two who struck deals with prosecutors ahead of the trial, and several are expected to testify against their alleged fellow "club" members.
Chiasson and Newman's legal teams have kept quiet about their legal strategy, although prosecutors have attempted to stop them from using some wiretaps that the government say contain false "exculpatory statements."
In its recent crackdown on insider-trading, the U.S. Attorney's Office in Manhattan has won seven jury verdicts—and has yet to lose a single case that went to trial. Among those to go down after a trial are Galleon Group founder Raj Rajaratnam, former McKinsey & Co. chief Rajat Gupta and two people linked to so-called "expert networks."
The trial formally opened last week, with jury selection. Seven women and five men, among them a bartender, a retired postal worker, a nurse and an unemployed dog-walker, will judge the two former hedge fund executives.
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 ...