Thursday, 25 December 2014
Last updated 14 hours ago
Mar 27 2014 | 11:57am ET
Adding insult to injury, a jailed expert networker has been hit with a $6.33 million bill from the Securities and Exchange Commission.
John Kinnucan, the once-defiant technology analyst who pleaded guilty in 2012 to passing confidential tips to hedge funds, was ordered to pay $1.58 million in ill-gotten gains and another $4.75 million in fines. The penalty imposed by U.S. District Judge Alison Nathan was the maximum; the judge noted Kinnucan’s “high degree of bad intent.”
That bad intent was most clear in the months before his arrest in 2012, when he made a series of threatening and anti-Semitic phone calls to prosecutors. He was sentenced to 51 months in prison, a term he is currently serving at a California penitentiary.
The SEC levy comes on top of $164,000 Kinnucan was ordered to forfeit as part of his criminal case.
Kinnucan made something of a name for himself in 2010, when he announced in an e-mail to his clients—among them Coatue Management, Citadel Investment Group, Maverick Capital and SAC Capital Advisors—that the Federal Bureau of Investigation had asked him to record his conversations with them. Kinnucan refused.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.