The 37-year-old Tortora, testifying for the third day in the case against SAC top money man Michael Steinberg, said his big year at now defunct hedge fund Diamondback was 2008, when his compensation hit $2.5 million. He only made $800,000 in 2009 and left the firm that was founded by former SAC portfolio managers early in 2010. Tortora, who is living with his parents in Florida while he awaits sentencing for his cooperation in the Steinberg trial, said he has only $100,000 left from his years of living high as a hedge-fund analyst. While the financial crash decimated portfolios of millions of Americans in 2008, that was Tortora’s big year, when insider trading tips about Dell, among others, paid off. Steinberg traded on that insider tip and knew it was illegal, prosecutors allege. Tortora said he lost $400,000 day trading and “several hundred thousands” in Las Vegas on blackjack and sports betting. He said he has also spent $400,000 on legal fees since his arrest on insider trading charges. While at Diamondback, he also fed insider tips to his stepfather, who did not know they were illegal. “In general, he’s done poorly,” Tortora told the jury. “He has lost a good amount of money.” [NYP]
Ex-JPMorgan Broker And Gambling Addict, Who Stole $20 Million From Clients, Sentenced To Miss Next 5 Super Bowls
"Even his bookie expressed sympathy for him."
US Prosecutors Not Too Keen On Letting Convicted Insider Trader Rajat Gupta Leave Prison Early
They're going to agree to disagree on this one.
Area Fund Manager Finds Sharing The Same Last Name, Blood With One Of The Most Famous Insider Traders Of All Time Not Actually That Helpful When It Comes To Doing Business
Which is surprising. NYT: Ivan F. Boesky, famously convicted of insider stock trading in the 1980s, is your cousin. How close were the two of you? Stuart Boesky, Pembrook Capital Management CEO: He’s actually a first cousin. My father’s family is not all that close. I did meet with him once at his office when I first moved to New York, and it’s the only time that I’ve ever seen him face to face. That was almost 30 years ago. Here’s a guy that never helped me, but the association is not all that helpful. The 30-Minute Interview: Stuart J. Boesky [NYT]