Thursday, 18 December 2014
Last updated 15 hours 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.
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.