Thursday, 24 July 2014
Last updated 12 hours 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."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…