New York (HedgeCo.net) – Orthodox Rabbi Milton Balkany has been charged with trying to blackmail a hedge fund, threatening to tell authorities about alleged insider trading at the fund, it was reported by Reuters this morning.
Athough the prosecutors didn’t name the hedge fund, Reuters said a source familiar with the matter confirmed that the hedge fund being blackmailed is SAC Capital Advisors, worth around $12 billion.
Balkany told the hedge fund that he would contact a person in prison who allegedly knew about the insider trading if the hedge fund wouldn’t pay him $4 million. His calls were recorded by the hedge fund’s lawyers. Balkany was charged with extortion, blackmail and wire fraud, Reuters said.
Alex Akesson
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