Featured Articles

LG G Watch R ships in two weeks

LG G Watch R ships in two weeks

The LG G Watch R, the first Android Wear watch with a truly round face, is coming soon and judging by…

More...
LG unveils NUCLUN big.LITTLE SoC

LG unveils NUCLUN big.LITTLE SoC

LG has officially announced its first smartphone SoC, the NUCLUN, formerly known as the Odin.

More...
Microsoft moves 2.4 million Xbox Ones

Microsoft moves 2.4 million Xbox Ones

Microsoft has announced that it move 2.4 million consoles in fiscal year 2015 Q1. The announcement came with the latest financial…

More...
Gainward GTX 970 Phantom previewed

Gainward GTX 970 Phantom previewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
EVGA GTX 970 SC ACX 2.0 reviewed

EVGA GTX 970 SC ACX 2.0 reviewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Tuesday, 18 December 2012 10:47

Managers convicted for knowing too much about Dell

Written by Nick Farrell



Earned $50 million from one tip

Two hedge fund managers have been convicted of insider trading charges. One of the made as much as $50 million on a tip about Dell earnings which is not bad work if you can get it.

Todd Newman and Anthony Chiasson were convicted in federal court in Manhattan after a five-week trial. Newman worked for Diamondback Capital Management and had been accused of making about $2.8 million from illegal tips. Chiasson of Level Global Investors is supposed to have earned about $50 million illegally by trading on a tip received about Dell stock in 2008.

Both denied insider trading, and their lawyers argued that they believed they were basing trades on legitimate research. U.S. Attorney Preet Bharara said investment fund managers were being made to answer for their extraordinarily bad risk-reward analysis about what is right and what is wrong.

Defence lawyers said they would appeal, but in our experience lawyers are never appealing at all. When the men were arrested in January, the government said the Dell case was the largest insider trading transaction ever prosecuted in Manhattan.

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments