Thursday, 2 October 2014
Last updated 42 min ago
Sep 23 2013 | 11:45am ET
An alleged Raj Rajaratnam tipster has settled with the Securities and Exchange Commission.
Kieran Taylor agreed to pay more than $145,000 and to be banned for five years from serving as an officer or director of a public company, the regulator said. Taylor is accused of passing information about Akamai Technologies, where he was a senior director of marketing, to Rajaratnam co-conspirator Danielle Chiesi. Chiesi, in turn, it said to have passed the tips to the Galleon Group founder and S2 Capital Management chief Steven Fortuna.
Chiesi, who pleaded guilty in the case and served more than a year in prison, told Rajaratnam that Taylor had relayed that Akamai was "going to guide down a lot" before the company cut its revenue forecast in 2008. Chiesi, Rajaratnam and Fortuna earned a combined $9.9 million shorting Akamai shares, while Taylor himself avoided some $20,000 in losses by selling his.
"Taylor's willing misuse of information about Akamai's financial situation otherwise unknown to the rest of the investing public made him just another cog in the sprawling Rajaratnam insider-trading machine," the SEC's Sanjay Wadhwa said.
Rajaratnam is serving an 11-year prison sentence. Fortuna received probation after cooperating with prosecutors.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...