Sunday, 29 March 2015
Last updated 1 day ago
Jun 11 2013 | 12:10pm ET
Whittier Trust Co. and one of its former hedge fund managers will pay $1.68 million to settle charges stemming from a major insider-trading case.
South Pasadena, Calif.-based Whittier will pay $1.52 million and Victor Dosti $159,000, the SEC said. According to the regulator, Dosti made trades in three technology companies based on tips he received from a subordinate, former Whittier fund manager Danny Kuo.
Kuo pleaded guilty last year to being a member of an insider-trading circle that included Level Global Investors co-founder Anthony Chiasson, former Diamondback Capital Management portfolio manager Todd Newman and former SAC Capital Advisors analyst Jon Horvath. SAC portfolio manager Michael Steinberg is also accused of trading on the ring's tips; he has yet to go to trial. Horvath pleaded guilty and Chiasson and Newman were convicted last year.
Neither Whittier nor Dosti admitted or denied any wrongdoing. Whittier said, "the conduct engaged in by two former employees is completely contrary to the core values of this organization." Dosti was never charged criminally in the case.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…