Ex-Jefferies Fund Head To Pay $8.3M For Trading Scam

Law360, New York (February 6, 2012, 5:09 PM EST) -- A New York federal judge hit a convicted former Jefferies Paragon Fund portfolio manager with an $8.3 million judgment on Friday in a civil suit claiming he used insider tips from a UBS AG employee to trade in Albertsons Inc. stock.

Citing Joseph Contorinis' conviction in a parallel criminal trial, U.S. District Judge Richard J. Sullivan granted the U.S. Securities and Exchange Commission's motion for summary judgment and ordered the defendant to pay a $1 million civil penalty and disgorge $7.3 million in profits.

Contorinis' attorneys...
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