Jesse Tortora

  • michaelsteinberg


    Breaking: Government Witness’s Motive For Testifying Against Alleged Insider Traders Somewhat Self-Serving

    Lawyers for Michael Steinberg pressed a former stock analyst turned government witness about his motivations […]

    / Nov 27, 2013 at 2:20 PM
  • Can't find any pictures of Tortora so you get this. Doesn't really work with the story because it's the stepson that is evil, not the stepfather, but 6:1, etc. Also, please say "Daddy's home and he's NOT very happy" to yourself and tell me you don't laugh.


    Hundreds Of Thousands In Gambling Losses Not The Most Degenerate-y Line On Ex-Trader’s Resumé

    The 37-year-old Tortora, testifying for the third day in the case against SAC top money […]

    / Nov 25, 2013 at 4:21 PM
  • The other way to go here is obvs shirtless Brad Pitt


    Ringleader Of Insider-Trading “Fight Club” Didn’t Want Any Sarcastic Comments With His Inside Information

    I suppose in like 1985 there were people who worked on Wall Street and un-self-consciously […]

    / May 3, 2013 at 5:58 PM
  • toddnewman


    Only Way To Get A Gold Star From Hedge Fund Manager Accused Of Insider Trading Was By Bringing Him Illegal Info, Says Underling

    Alternatively, if you made the mistake of approaching Todd Newman with information that was obtained through legitimate means, you’d be on the receiving end of a death stare the first time and a “What did I tell you about coming in here with a trade idea you ‘thoroughly researched’? Get the fuck out of my office and don’t ever waste my time with this garbage again,” on subsequent occasions.

    / Nov 16, 2012 at 3:20 PM
  • News

    Accused Insider Traders Already Guilty Of One Thing

    Being the sort of cheeseballs who call their adult “clique of friends ‘the Fight Club,’ […]

    / Nov 14, 2012 at 6:30 PM
  • typicalclubnight


    Members Of Insider Trading “Club” Were Good At Obtaining Material Non-Public Information, Not So Good At Playing It Cool On Conversations Recorded By The Feds

    Later this week, Anthony Chiasson, a Level Global co-founder, and Todd Newman, a former Diamondback portfolio manager, will go to trial in Federal Court for allegedly making $67 million in ill-gotten gains, based on inside information they obtained about Nvidia Corp and Dell Inc. According to U.S. Attorney Preet Bharara, Chiasson and Newman, who’ve both pleaded not guilty, were able to rack up all their profits by teaming up with a bunch of friends and forming an insider trading club, which is a lot like a book club or fight club in that they took roll, traded canapé duties, and drank Pinot Grigio, but different in that instead of discussing The Art Of Fielding or punching each other in the face, they spent every Monday night from 7 to 9 sharing material non-public information with each other.

    “This case describes a tight-knit circle of greed on the part of professionals willing to traffic in confidential information,” Bharara said when the charges were announced in January. “It was a circle of friends who essentially formed a criminal club, whose purpose was profit and whose members regularly bartered inside information.”

    In the beginning, when the club was first formed, there was a spirit of camaraderie, as the club members happily traded tips for everyone’s mutual benefit. Unfortunately, things started to break down when some people agreed to cooperate with the government by recording their friends admitting wrongdoing, in exchange for leniency. Former Diamondback analyst Jesse Tortora, for instance, gave fellow club member Danny Kuo a call at the direction of the FBI on December 1, 2010, a conversation that Chiasson and Newman’s lawyers are trying to use as evidence that Tortora, who will be testifying against them, lacks credibility, based on the fact that when asked by Kuo if his phone was being tapped, Tortora didn’t say “Yup! Helping the Feds build a case against you, actually.”

    “What’s happening, man?” Tortora asked during the call, according to a transcript prosecutors submitted to the court.

    “Dude, is your phone tapped?” Kuo replied.

    “Wait, is the phone tapped?” Tortora asked, adding, “Why do you ask that?”

    Despite losing major points for repeating the question– you never repeat the question!– and the extremely unconvincing “Oh, why do you ask” attempt to act natural and not like he was working for the government, Tortora ultimately recovered.

    After Kuo and Tortora discussed defense strategy to explain their trades were made after legitimate research, Kuo concluded the call with a final warning to Tortora about making future calls from a personal telephone, according to the transcript. “I would seriously invest in some quarters, and start calling from 7-Elevens,” Kuo said.

    Hedge Fund Founder Faces Jury as FBI Raids Yield Trial [Bloomberg]

    / Nov 7, 2012 at 1:39 PM