Jury Chosen In $67 Million Hedge Fund Insider Trading Case

New York (HedgeCo.Net) – A hedge fund manager and a relative of another have been excused from the jury in the Manhattan trial hedge find managers Anthony Chiasson and Todd Newman, Bloomberg reports.

The jury now consists of seven women and five men including a bartender, a dog walker, a computer animator on feature films, a retired postal worker and a medical assistant.

“Chiasson and Newman worked at funds that were raided by the Federal Bureau of Investigation in November 2010, as part of a nationwide crackdown of illicit trading by portfolio managers, analysts and insiders at technology companies. Opening statements in the case are scheduled for today.” Bloomberg reports.

Prosecutors allege that Chiasson and Newman from 2007 to 2009 conspired to trade stock tips which earned them approximately $67 million in illicit profits. Both men have pleaded not guilty to the charges.

Of the 72 people charged with insider trading in the giant investigation which began in August 2009, 69 have pleaded guilty or been found guilty. Some of the larger names include Rajat Gupta, a former director of Goldman Sachs, who was sentenced to two years in prison and Raj Rajaratnam, who is serving an 11-year term.

Alex Akesson
Editor for HedgeCo.net
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