He’s got 90 days to make his fine back. Can he do it? With your help, he just might. Read more »
Ex-SAC Capital PM Mike Steinberg seemed pretty surprised when he was found guilty of insider trading.
Ms. Williams recalled the day when Michael S. Steinberg, a portfolio manager at the hedge fund SAC Capital Advisors, was brought before a Manhattan judge to be read the insider trading charges against him. The police escorted him, in handcuffs, into the Lower Manhattan courthouse through the main elevators rather than the usual back way leading into the courtroom. When Mr. Steinberg emerged from the main elevators, there was a look of utter shock on his face. “Being caught is so out of their wildest dreams,” she said.
Danielle Chiesi was a vision in pink. Read more »
$1.8 billion fine and not a penny more, probably. Read more »
…on Thursday, U.S. District Judge Laura Swain is scheduled to punctuate the firm’s remarkable downfall when she rules on its plea to criminal insider-trading charges. If Judge Swain accepts the plea, as expected, the firm will pay an additional $1.2 billion in penalties, including the largest criminal fine ever in an insider-trading case. Since the guilty plea last November, portfolio managers who oversaw more than 10% of SAC’s capital have either left or announced plans to leave, according to people familiar with the firm’s operations. “How could I tell my kids I stayed at a firm that admitted to insider trading?” said one former employee. [WSJ]
Ex-Evercore Director Who Insider Traded In Accounts Set Up Under Baby Mama’s, Dad’s Names Make Get Opportunity To Think About What He’s DoneBy Bess Levin
Remember Frank Perkins Hixon Jr.? Made something of a name for himself when he became the first Evercore employee in history to be accused of insider trading, which he apparently did in part to raise funds to support the child he had with Destiny Wind Robinson? He may be going away for a while. Also, he’s sorry. Read more »
Husbands Of The Year Didn’t Realize Wives Were Serious When They Said ‘Don’t Trade On This Inside Information’By Bess Levin
Ching Hwa Chen and Tyrone Hawk know what we’re talking about. Read more »
They’ve changed their name. They’ve given back the money. They’ve cried it out atop the fleeces. What other lessons could possibly be learned? Don’t make Steve Cohen walk up and down Park Avenue wearing a sandwich board that reads “I employ insider traders” on the front and “LOTS of ‘em” on the back.1 Read more »