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Todd Newman’s Insider Trading Conviction, Hedge Funds Take Heed

Forbes – Todd Newman (Diamondback Capital) and Anthony Chiasson (Level Global) were both convicted in December of trading, and profiting, on inside information they gained from analysts who worked for them.

The jury believed, as many juries do believe these days in about 90% of cases brought to trial, that the two men were guilty beyond a “reasonable doubt.”  However, the conviction of Newman and his appeal should be of interest to every portfolio manager in the hedge fund industry …. because if he’s guilty, you’re all guilty.

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