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Tag: hedge funds

FBI Blamed for Demise of Hedge Funds Following Failed Insider Trading Case

By Steve Neavling
ticklethewire.com 

Investors can be a skittish bunch.

When they heard of the federal government’s suspicions of insider trading involving two hedge funds, Level Global Investors and Diamond Capital Management, they fled and the funds shut down, the New York Times reports.

On Wednesday, the two men found guilty of insider trading, Todd Newman and Anthony Chiasson, were vindicated when a federal appeals court overturned their convictions.

The found of Level Global, David Ganek, blamed the FBI for the hedge fund’s demise.

“For the dozens of my high-integrity colleagues at Level Global who lost their jobs and their reputations because the F.B.I. improperly raided our firm in this now-discredited fishing expedition, today’s legal vindication is a reminder of how prosecutorial recklessness has real impact on real people,” Mr. Ganek said in a statement sent by a spokesman.

Newman and Chiasson were found guilty by a jury two years of ago of conspiring to earn millions of dollars making taxes based on inside secrets.

 

Swindler Madoff Says Banks and Hedge Funds Knew He was Up to No Good

Bernie Madoff/facebook photo

By Allan Lengel
ticklethewire.com

Swindler Bernie Madoff, the king of Ponzi scams, told the New York Times that his family new nothing about his crimes, and that banks and hedge funds were “complicit” in his fraud and knew he was up to no good.

From prison on North Carolina, Madoff said banks and hedge funds were guilty of “willful blindness” and failed to examine discrepancies between his regulatory filings and other information they had access to, the Times reported.

“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ”

Madoff told the Times he was surprised to hear about email and messages surfacing in lawsuits that raised doubts about his operation.

“I’m reading more now about how suspicious they were than I ever realized at the time,” he said with a faint smile.

To read more click here.

FBI Raids Hedge Funds in What Promises to Be Big Wall Street Scandal

By Allan Lengel
ticklethewire.com

The big Wall Street folks with lots of money could soon be trading in those $3,000 tailored wool suits for orange jumpsuits in what promises to be a full blown, major scandal.

F.B.I. agents on Monday raided offices of three hedge funds as part of an escalating probe into insider trading on Wall Street, the New York Times reports.

The hedge funds include Level Global Investors of New York and Diamondback Capital Management of Stamford, Conn., Loch Capital Management of Boston.

“We are conducting court-authorized search warrants as part of an ongoing investigation,” said N.Y. FBI spokesman Richard Kolko in a statement. “The matter is sealed. We have no further comment.”

To read more click here.

LA Man Pleads Guilty to Selling Inside Stock Info on Walt Disney Co. to Undercover FBI Agents

walt disney
By Allan Lengel
ticklethewire.com

Yonni Sebbag won’t be going to Disney World any time soon. In fact, he’s probably going to a place far scarier.

On Monday, in New York, Yonni Sebbag, 30, of Los Angeles,  pleaded guilty to conspiring with his girlfriend to sell insider information about Walt Disney Co. stock, the U.S. Attorney’s Office in Manhattan said.

Authorities say that Sebbag’s girlfriend Bonnie Hoxie, an assistant to Disney’s corporate communications chief, obtained confidential information about the company and gave it to Sebbag to sell.

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