Clay Capital Exec Cops To $4M Insider Trading Scheme

Law360, New York (December 19, 2011, 4:14 PM EST) -- James F. Turner II, the head investment officer of hedge fund Clay Capital Management LLC, pled guilty Monday to trading on inside information about three software and technology companies in a scheme that netted $3.9 million.

In New Jersey federal court, Turner copped to one count of securities fraud, admitting he traded on inside information about design software company Autodesk Inc., plastics simulation software developer Moldflow Corp. and customer relations solutions provider Inc. He will be sentenced April 16.

Between January and May 2008, Turner...
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