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Westwood hedge fund manager sanctioned $300,000 on insider trading

Boston.com – A federal judge in New York approved a former Westwood hedge fund manager’s offer to settle for $300,000 insider trading charges brought against him as part of a nationwide probe of improper tips on technology stocks, regulators said today.

Steven Fortuna, who ran a $125 million hedge fund, S2 Capital Management, allegedly violated securities laws on trades he made in Akamai Technologies Inc., the Cambridge Internet traffic manager. According to the Securities and Exchange Commission, which filed its case against Fortuna and others in 2009, Fortuna received a tip in 2008 about disappointing second-quarter earnings on Akamai.

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