Ex-Jefferies Fund Head Must Pay $7.2M Loss, 2nd Circ. Rules

Law360, New York (February 18, 2014, 12:25 PM EST) -- The Second Circuit on Tuesday upheld a $7.2 million judgment in a U.S. Securities and Exchange Commission insider trading case against former Jefferies Group Inc. hedge fund manager Joseph Contorinis, finding he could be held liable for gains obtained by a third party because of his fraud.

In a 2-1 decision, the appellate court rejected Contorinis' argument that he could not be asked to disgorge profits he never personally made, saying he could be held liable for the fraud itself, regardless of how much money went...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities and Exchange Commis v. Stephanou


Case Number

12-1723

Court

Appellate - 2nd Circuit

Nature of Suit

1850 STATUTES-Secur Comm Exchange

Date Filed

April 25, 2012

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.