Fund Exec Gets 4 1/2 Years For Dell Insider Trading

Law360, New York (May 2, 2013, 2:29 PM EDT) -- Former hedge fund executive Todd Newman, convicted of insider trading in Dell Inc. and Nvidia Corp. stock as part of a “criminal club” of finance professionals, was sentenced Thursday to 54 months in prison.

Newman, 48, was also ordered to pay $1 million fine and forfeit about $740,000 in profits. A jury convicted him in December on five insider trading-related counts.

Newman worked as a portfolio manager at now-defunct fund Diamondback Capital Management LLC, earning as much as $4 million a year before a government investigation,...
To view the full article, register now.