Diamondback Capital Broker Cops To Insider Trading

Law360, New York (May 18, 2011, 5:59 PM EDT) -- Federal prosecutors on Wednesday unsealed a guilty plea by a former Diamondback Capital Management LLC portfolio manager implicated in the wide-ranging Galleon Group LLC insider trading scheme.

Anthony Scolaro, who allegedly traded on inside information about TPG Capital's $1.3 billion acquisition of Axcan Pharma Inc. in 2007, struck a plea agreement with prosecutors in November and copped to one count of conspiracy to commit securities fraud and one count of securities fraud in December. He faces up to 25 years in prison and a maximum fine...
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