A former hedge fund manager has settled with the federal government for his role in the Galleon Group-insider trading case. According to the account in hedgefund.net, Steven Fortuna, co-founder of New York-based unregistered hedge fund firm S2 Capital, will pay approximately $300,000 to settle the insider trading charges against him by the Securities and Exchange Commission back in 2009, according to a SEC statement.
The SEC charged that Fortuna received two tips in 2008 from Rajaratnam associate Danielle Chiesi, a consultant and portfolio manager at New Castle Funds, which Fortuna used to generate $2.4 million for his then-$125 million fund...
Read more at http://www.hedgefund.net/publicnews/default.aspx?story=12941
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