Saturday, April 27, 2013

Feds seek prison for Conn. ex-hedge fund manager/insider trader

From the AP: A former hedge fund manager should serve at least five years in prison for his insider trading conviction and repay $39 million to his former employer for the troubles he put the company through and the money it lost as a result, the government told a judge Friday.

Prosecutors made the recommendations in papers filed in U.S. District Court in Manhattan in advance of Thursday's sentencing of Todd Newman, who was convicted in December of conspiracy and insider trading charges for trades that generated $3.6 million in profits when he worked at Stamford, Conn.-based Diamondback Capital Management. The government recommended that Newman be sentenced within the recommended guidelines range of five years, three months to 6 1/2 years.

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