Sunday, 21 September 2014
Last updated 2 days ago
Apr 22 2013 | 10:55am ET
Former Diamondback Capital Management trader Todd Newman has asked a judge for leniency in sentencing, telling him that he didn't make as much from the insider-trading scam of which he was convicted in December as prosecutors say.
Newman was found guilty of making $4 million in illicit profits on his trade. But his lawyers said he himself received only $442,761 from them, meaning he should get less than the six-and-a-half years he faces.
"To the extent that the gain is intended to be a measure of culpability—often thought of as a measure of 'greed'—it stands to reason that someone who actually receives less money should be deemed less culpable," Newman's lawyer, Stephen Fishbein, wrote to U.S. District Judge Richard Sullivan last week.
Newman's family also chipped in, with his mother writing that "a separation from her dad would be disastrous" for Newman's 12-year-old daughter.
Newman was convicted of fraud and conspiracy charges alongside Level Global Investors co-founder Anthony Chiasson. Five others have pleaded guilty in the case, including Jesse Tortora, Newman's analyst and the source of his confidential information, and a former SAC Capital Advisors analyst. SAC portfolio manager Michael Steinberg was arrested and charged in the case last month.
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.