“We coined this investigation ‘Perfect Hedge’ because if you’re armed with that insider’s information, you can initiate the perfect hedge,” FBI agent David Chaves said in an interview of the largest hedge fund investigation ever. “You’re always protected — the upside and the down side.” [Bloomberg]
FBI
We’re told four UBS employees were pulled out of the Stamford office Tuesday, after two of them returned from vacation. Apparently all four “worked in operations and were responsible for securities movements and payments.” Continue reading »
Feds Using Behavioral Profiling To Uncover White Collar Crime, À La Serial Killer Investigations
By Bess LevinMatthew Goldstein reports: Continue reading »
Also, Chaz thinks all of this has gone too far, and just because something “smells bad” doesn’t mean it’s illegal.
Janus said in a statement that it “maintains rigorous compliance procedures and has confidence in the integrity of its processes and its people.” Big J, like those who’ve come before it, has also said it intends to “cooperate fully with the inquiry.” In related news, just once I’d like to hear a firm say it intends to cooperate “partially” or “not at all”– as there will likely be more “requests” a’ comin’, maybe someone will grant me this wish!
CNBC And Guy Who Wouldn’t Wear A Wire For Feds Debate The Meaning Of The Term ‘Trouble’
By Bess Levin
“Here’s our card, we need to hear from you in 48 hours, if we don’t there will be trouble for you,” Strategy Session guest John Kinnucan recounted being told by two representatives from the FBI when they showed up to his home and tried to get him to agree to record a conversation with a client from SAC Capital.
“And they haven’t made trouble for you I guess, have they?” David Faber asked.
“Well, uh, my business has been destroyed, so…” Continue reading »
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