Diamondback Manager Gets Probation For Insider Trading

Law360, New York (August 2, 2012, 7:17 PM EDT) -- Former Diamondback Capital Management LLC portfolio manager Anthony Scolaro was sentenced Thursday to three years of probation for insider trading in Axcan Pharma Inc., dodging prison because he cooperated with prosecutors.

Scolaro, who traded on inside information about TPG Capital's $1.3 billion acquisition of Axcan Pharma Inc. in 2007, was also fined $150,000 and ordered to forfeit about $126,000 in illicit profits.

His tip on the deal came, indirectly, from Ropes & Gray LLP lawyers bribed as part of the Zvi Goffer-led insider trading ring, according...
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