A few days before Christmas, former Visium Asset Management trader Stefan Lumiere is set to stand trial on charges that he and a couple of colleagues played it fast and loose with some valuations to make them a few extra dollars. His lawyer has vowed to “do what we have to do and get him exonerated.” This could prove a tall order. For one, two of those aforementioned former colleagues have turned state’s evidence. For another, it may well be Preet Bharara’s last hurrah, what with President Trump set to take office just over a month after the opening gavel, and we’re sure he’s going to want to go out on top. With those facts in mind, Lumiere’s lawyer, Eric Creizman, is going to need all the help he can get in pulling out all the stops: The dog did it. He was just trying to get the calculator to say “BOOBS.” Mismarking isn’t a crime. C'mon, people: Help a lawyer out.
A former portfolio manager at Visium Asset Management LP pleaded not guilty on Monday to charges that he engaged in a scheme to defraud investors by inflating the value of a bond fund and overstating its liquidity...Authorities said Lumiere's co-conspirators included Christopher Plaford, a Visium portfolio manager who oversaw the fund from its inception through its liquidation in 2013. Plaford pleaded guilty on June 9 to charges related to the mismarking and has agreed to cooperate with authorities. He also pleaded guilty to participating in an insider trading scheme with Valvani that prosecutors say made $25 million based on tips about U.S. Food and Drug Administration approvals of generic drug applications.