Ex-Jefferies Fund Chief Gets 6 Years For Trading Scam

Law360, New York (December 17, 2010, 6:40 PM EST) -- A judge has sentenced a former Jefferies Group Inc. hedge fund manager to six years in prison for allegedly using insider tips from a UBS AG employee to make $7 million for his fund by trading in Albertsons Inc. stock and avoiding losses in other securities.

Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York sentenced 46-year-old Joseph Contorinis to 72 months behind bars along with forfeiture of ill-gotten gains and losses avoided from the insider trading scheme, potentially...
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