Steve Cohen Has Had Some Time To Think It Over, Would Now Like To Offer The Government A Check For $1 BillionBy Bess Levin
A former Akamai Technologies Inc official agreed to pay over $145,000, and be banned from serving as a public company officer or director, to settle civil charges he provided illegal tips that were funneled to Raj Rajaratnam, the hedge fund manager imprisoned for insider trading. The U.S. Securities and Exchange Commission said Kieran Taylor, a former Akamai senior director of marketing, illegally tipped lifelong family friend Danielle Chiesi, a hedge fund manager at New Castle Funds, about the Internet content delivery company’s plan in July 2008 to lower its revenue forecast…”Taylor’s willing misuse of information about Akamai’s financial situation otherwise unknown to the rest of the investing public made him just another cog in the sprawling Rajaratnam insider trading machine,” said Sanjay Wadhwa, senior associate director for enforcement in the SEC’s New York office. [Reuters]
If you took a random poll of family, friends, colleagues, and strangers on the street, asking them how they’d feel about going to prison, the majority if not all of them would probably say, “Not good.” For most people, prison is a place to steer clear of, for all the reasons you can think of (living in a cell, isolation from the outside world, bad food, low paying jobs, daily risk of sodomy) and probably some you can’t.
Not too long ago, hedge fund manager Raj Rajaratnam counted himself among those who for whom jail time was something to avoid (if not by being an upstanding, law-abiding citizen than by hiring a high-priced attorney to try and get him off after being charged with 14 counts of conspiracy and securities fraud). But now? After having served 21 months of his eleven-year sentence? Raj can honestly say that this prison is great.
And not because hard time forced him to take a serious look at his life or to think about what he’d done or change himself for the better or any of that metamorphosis type crap, but because minus the not being allowed to leave the grounds rules? Raj’s life in prison is arguably better than his life on the outside, which did not include servants or a 34 inch waist. Read more »
Mathew Martoma Apparently Had A Lot Of Dr. Friends Willing To Take It Fast And Loose With The Words “Confidential Drug Trial Results, Do No Distribute”By Bess Levin
U.S. prosecutors on Thursday filed a superseding indictment in the insider trading case against a former portfolio manager at an affiliate of Steven A. Cohen’s hedge fund SAC Capital Advisors, according to court papers. The superseding indictment describes a second doctor who allegedly passed inside information to the former portfolio manager, Mathew Martoma, who was charged last November with insider trading in shares of the drug companies Elan Thursday’s court filing said the doctor, described as “a co-conspirator,” met with Martoma for paid consultations arranged through an expert networking firm and provided non-public information “with the expectation that Martoma would assist (the doctor) in obtaining additional clinical trial business.” [Reuters, related]
What does one eat to get pumped up for a day of putting away gang members and bringing charges against (alleged!) financial dens of iniquity? Raw animal flesh or, if none can be procured, a granola bar that contains only 3g net carbs. Read more »