Monday, 20 October 2014
Last updated 3 days ago
Feb 9 2009 | 1:10am ET
A former hedge fund manager has been charged for his role in an alleged insider trading ring.
Joseph Contorinis, a former Jefferies Asset Management portfolio manager, and two others are accused of leaking confidential information about the acquisition in 2006 of the supermarket chain Albertsons, allowing family and friends to make more than $11.6 million in illicit profits.
Contorinis himself allegedly used the information to make $7.2 million for his hedge fund.
According to the complaint, filed last week in Manhattan, one of Contorinis’ co-conspirators, Nicos Achilleo Stephanou, worked on the UBS team that advised private equity giant Cerberus on the Albertsons deal and passed the insider information on.
Four other relatives and friends of the three accused ringleaders are also facing charges.
Jefferies said Contorinis, who was arrested Thursday, left the firm a year ago. Jefferies was not mentioned in the criminal complaint against their former employee.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...