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Tag: investors

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.

 

Justice Department Considers Easing Restrictions on Loans for Investors in Marijuana Industry

Steve Neavling
ticklethewire.com

With the legalization of marijuana in Colorado, investors want to open up businesses to sell pot.

Trouble is, they are reluctant to borrow money because of Justice Department regulations on such loans, the Motherboard reports.

The Justice Department, which until recently was still aggressively pursuing pot shops, is considering easing those regulations so banks can lend money to people involved in the marijuana industry.

Businesses now are barred from legally borrowing money to set up a marijuana business in most cases, the Motherboard reports.