The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 1 hour ago
Nov 6 2009 | 1:34pm ET
Another day, another asset manager indicted for insider trading.
Former portfolio manager for the Jefferies Paragon Fund Joseph Contorinis was indicted today by a grand jury on fraud charges involving an alleged $7.2 million insider-trading scheme.
Contorinis, who was arrested in February, was charged with utilizing and benefiting from non-public information about grocery chain Albertson’s Inc. His alleged co-conspirator, Nicos Stephanou, who served as an associate director of mergers and acquisitions at investment bank UBS, pled guilty in May to providing Contorinis with the non-public information.
From 2004 to June 2006, “Stephanou provided Contorinis, and others known and unknown, with UBS insider information,” states the indictment.
At UBS, Stephanou, who worked out of the firm’s London office, passed along tips about the possible Albertson’s acquisition to at least three people, including long-time friend Contorinis. The two also once worked together at Credit Suisse First Boston.