Monday, 4 May 2015
Last updated 30 min ago
Apr 21 2014 | 1:34pm ET
Once again, a federal appeals court in New York will tomorrow hear from convicted hedge fund insider-traders seeking to have their guilty verdicts overturned.
Anthony Chiasson and Todd Newman plan to argue that as “downstream tippees,” they were unaware that the sources of their information were being compensated for it. Their lawyers say that such a demonstration is required to sustain an insider-trading conviction.
Chiasson, the co-founder of Level Global Investors, and Newman, a former portfolio manager at Diamondback Capital Management, were convicted of fraud in 2012. The former was sentenced to six-and-a-half years and the latter four-and-a-half years in prison, although both remain free pending the appeal.
Prosecutors say that the two were part of a “corrupt circle” that traded in insider information. Both received tips from their analysts, who cooperated with prosecutors.
To date, none of the people convicted in the recent government crackdown on insider-trading have succeeded on appeal. But Chiasson’s and Newman’s lawyers argue that the judge in their trial came to the opposite conclusion reached by four other federal judges in such cases.
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…