Friday, 27 March 2015
Last updated 2 hours ago
Nov 15 2013 | 12:45pm ET
A former Level Global Investors portfolio manager has admitted to insider-trading of Carter's Inc. shares.
Mark Megalli, who formerly led the defunct hedge fund's consumer group, pleaded guilty to conspiracy to commit securities fraud in Atlanta federal court yesterday. His case is not related to the insider-trading case that brought Level Global down and sent its co-founder to prison, but is linked to a growing scandal at the children's clothing company that has seen two former vice presidents plead guilty to criminal charges. In addition, a retired consultant last month settled Securities and Exchange Commission allegations that he passed tips about the company to two hedge fund managers.
In Megalli's case, prosecutors say he traded on tips from a former Carter's investor-relations executive in 2009 and 2010. Those trades earned Level Global between $2.5 million and $7 million, the government said. In some cases, "the information was hot enough that Megalli sometimes conducted the trades while he was still on the phone with his source," the SEC's William Hicks said. Megalli faces an SEC lawsuit, as well.
Level Global closed in 2011, following a Federal Bureau of Investigation raid that would eventually lead to co-founder Anthony Chiasson's conviction on insider-trading charges. Chiasson was sentenced to six-and-a-half years in prison in May.
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…