Apparently it was SAC that brought the 411 to the government. Matthew Goldstein reports:
A year ago, federal regulators accused a former Blackstone Group investment banker, Ramesh Chakrapani, of tipping off a friend — referred to as “tippee 1″ in a Securities and Exchange Commission complaint — about the 2006 buyout of the Albertsons supermarket chain.
Until now the identity of that friend has been a mystery. But Reuters has learned from three people familiar with the Chakrapani case that he is Jonathan Hollander, a 34-year-old former analyst at SAC. The sources also confirmed that the firm where the trading in question took place in January 2006 is CR Intrinsic Investors, an SAC subsidiary. In court papers, regulators contend that the Albertsons tip resulted in a series of trades that generated $91,000 in profits for the friend and his parents, as well as $3.5 million in trading profits for his firm.
Neither Hollander nor SAC have been charged with wrongdoing in any insider trading investigation.
SAC spokesman Jonathan Gasthalter says the hedge fund began looking into the allegations involving Hollander and the fund’s trading in Albertsons stock after the SEC charged Chakrapani in January 2009. “After reviewing the initial complaint in this matter, SAC thoroughly investigated this former employee’s trading in Albertsons and, on its own initiative, presented the findings to government authorities in February 2009,” said Gasthalter. “We have cooperated fully with the government’s investigation and will continue to do so.”
i know this guy. was a seriously hot piece of ass.
-PJ
okay fess up time: which CR Instrinsic PM took a piss in this guy's mouth?
How could this story be true when SAC already told us they were clean?
http://www.bloomberg.com/apps/news?pid=20601087&s...
"SAC Said to Tell Clients a Review Found No Suspicious Trading"
"
Interesting…CR Intrinsic is the closed employee money only fund where the good trades get parked, right?
@4 uh, this particular case has nothing to do with the galleon one cited in the story you linked to. keep up, champ.
@5 is like 70% stevie's own personal money.
I love the feeling of fleece on my wet nut sack.
I knew him back in the day. None of this surprises me. He was a real asshole, even distinguishable in a culture of assholes. Put it this way – as an analyst, he used to spend his first 15 minutes of each day calling up some service provider and unloading on him/her; e.g., car service guys or copy center. Of course, it makes no sense because you need these guys on your side, but he was just exercising his prerogative, in his mind.
So no, it doesn't surprise me that he is strongly suspected of a crime that requires not only no ethics and strong self-centeredness, but one that is pretty stupid as well.
@9 what a dick.
@10 not so much
@9 uh, there are WAY, WAY bigger dicks at 72 CP ROAD.
;) @12
I knew this guy for a couple of years in the NY nightlife scene (He was a fixture at the Box for some time blowing-pun intended-his not so hard earned money) Complete asshole. Nothing redeeming about him. I am not at all surprised.
I knew this guy for a couple of years in the NY nightlife scene (He was a fixture at the Box for some time blowing-pun intended-his not so hard earned money) Complete asshole. Nothing redeeming about him. I am not surprised at all.
Did he graduate B-school? If so, where? I have a feeling I'm not going to be surprised at the answer.
@14-15 so he was a models and bottles douche. does that making him an insider trader?
@11 there are other stories – this was just the easiest. When you need to spend 15 mins in the morning, as a 24 yr old analyst, yelling at the car service woman about how all the cars should have EZ-Pass, you're starting your career as a dick right. It didn't stop him from taking a car service to the Hamptons and clocking a few hours of wait time as he bar hopped. Fortunately for him it was the last week of his analyst stint.
This is on top of how he sent an email to his third-year analyst employer (who will remain unnamed) about how they needed to prepare for his arrival by buying some expensive datafeeds, like FactSet, etc. Let's just say the partners there even thought that was dickish.
@ 6 your right, there is no connection. now go back to sleep. you can wake up in the morning, piece together the 20% accurate information from the papers and think you have the whole story again tomorrow
@19 the point was that your comment was stupid. sac said it cleared itself after an investigation into the galleon trades. it didn't say it cleared itself of this one. fuck off and die.
@ 17. I don't know all the facts to ascertain if he is an insider trader. Models and bottles was just the context in which I discovered what a self centered asshole he really was. It's nice to see assholes fall. He wasn't very bright either.
@ 17. I don't know all the facts to ascertain if he is an insider trader. Models and bottles was just the world I met him in and got to know him as a self-centered asshole. It's nice to see assholes fall. He wasn't very bright either.
Not a shred of this surprises anyone who worked with Hollander at CSFB. He was greedy and a dick in the lev fin group, and not smart enough to get away with something complicated.
I have known Hollander for the last few years. I never saw any inflated ego or pretenciousness that so many in the hedge fund industry are long of, and I enjoyed hanging out with him. Maybe he mellowed out a lot since his CSFB days. He may (or may not) have done some bad things. But that doesnt make him a bad guy, just a guy who maybe made some bad decisions.
@20 It wasn't my comment with the link that you commented on and were, inevitably, wrong on. I just saw your clueless comment and figured i would point it out.
@25 actually it was your comment with link. see if you can keep up:
25 = you
20 = me
19 = you
6 = me
4 = you, the guy with the link about SAC clearing itself as it relates to the GALLEON CASE.
also, since we're talking insider tips, here's one for you: it's spelled 'you're' not 'your' (see: comment 19).
I have known Jonathan for 15 years. His work ethic and morals are exemplary. He has also spent 20 years/week over the last few years coaching inner city baseball in the Hamptons. It is too bad he is being made a scapegoat/singled out, especially given the fact nothing has been charged against him.
I've known Jon for 15 years and hold him in very high regard. I do not believe for a second otherwise. My persoanl opinion is that the government casts a very wide net when they open an investigation. In this case SAC is the whale being hunted and unfortunately innocent people get caught in the net. People should be so quick to judge, even though it is easy to kick a man when he is down.
My company hired Mr. Hollander as a consultant last spring, and Jon has done extraordinary things in a relatively short period. I find the comments about him prior to be untrue and out of character. He has intervention regularly with staff and management at various levels and we have had nothing but positive feedback across the board. I would recommend Jon and his company to anyone without reservation.
can you people not see the govt is just after steve? hollander was on the new job for 4 months when this allegedly happened. who do you think was running a complicated position, a junior analyst? Innocent until proven guilty. U people seem just like the public in raleigh durham that were ready to string up the duke lacrosse players. hollander is not even charged and the case against ramesh has been dropped.
@30 who the fuck is "you people"? the ones who wrote the story? ie the reuters reporter?
I've know Jon for many years. He has coached baseball to kids in harlem for over 6 years. he is on the advisory board and donates to an african charity that provides solar and wind power to african villages. He is someone who would run to a deli to buy sandwiches for homeless people and he flew last min cross country(canceled his new year plan) to help two separated friends through attempted suicide. Please people, if you dont know him or barely knew him, let's try not to defame someone just to elevate your own self esteem.
Those defaming Jon obviously don't know his true character nor have worked closely with him, as he one of the most generous, considerate, and thoughtful people around (especially in a world of finance motivated by self-interest). He would give his shirt off his back for someone in need.
Jon's just being used as the 'fall guy' against a much broader crackdown with no charges against him
These comments are ridiculous. Obviously, they are negative because the people writing them are full of self hatred. Let me guess you are the guys who got beat up in high school and now wake up every morning to a horrible wife and terrible life.
The comments about a 21 year old kid yelling at people at CSFB make me laugh. All of you are the same people today that you were when 21. Give me a break!
Hollander volunteers over 8 hours every week. He’s doing something to help. What do you do? Have you ever done anything remotely useful?
No charges have been filed. To think someone on the job 4 months could be the mastermind of the SAC Empire is just plain ignorant. You should all be ashamed of yourselves. This blatant piling on sounds more like the Salem Witch trials then anything else.
Brilalicne for free; your parents must be a sweetheart and a certified genius.