Saturday, 28 February 2015
Last updated 1 day ago
Dec 20 2013 | 11:34am ET
A former Microsoft Corp. portfolio manager's hedge-fund dreams ended in handcuffs yesterday.
Brian Jorgenson and his friend and business partner, Sean Stokke, were hit with insider-trading charges. The two allegedly used confidential information about Microsoft to build an investment track-record that would allow them to launch their own hedge fund.
According to the Securities and Exchange Commission, which sued the two men yesterday, Jorgenson and Stokke earned $393,125 in profits since beginning the scam last year, first using Jorgenson's access to trade ahead of Microsoft's investment in Barnes & Nobles' Nook e-reader in May 2012.
Jorgenson is cooperating with the investigation, his lawyer told The Wall Street Journal. He is "incredibly remorseful for what happened," Angelo Calfo said.
For its part, Microsoft said it had "helped the government with its investigation and terminated the employee."
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…