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Former NY hedge fund manager sentenced to 6 years

Fri Dec 17, 2010 8:48 PM EST
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Associated Press
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NEW YORK — A former hedge fund manager has been sentenced to six years in prison on federal charges he participated in a $7 million insider trading scam.

Forty-six-year-old Joseph Contorinis of New York City was sentenced Friday in Manhattan federal court. He had been convicted of one count of securities fraud conspiracy and seven counts of securities fraud.

Prosecutors say Contorinis executed illegal trades from 2004 through June 2006 when he acted on information from a close friend who was an investment banker. At the time, he managed a hedge fund at an investment advisory firm.

Contorinis also received two years of supervised release and was ordered to forfeit at least $12 million.

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Liselotte

I'm guessing that this is merely the beginning.

    Reply#1 - Fri Dec 17, 2010 10:27 PM EST
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