Hedge Fund Boss Cops To Insider Trading Charges

Law360, New York (October 21, 2011, 5:11 PM EDT) -- Prominent Denver hedge fund CEO Drew “Bo” Brownstein pled guilty Friday to illegally trading on an insider tip about an acquisition by oil and gas company Apache Corp.

Brownstein, the 35-year-old head of Big 5 Asset Management LLC, learned in April 2010 from lifelong friend Drew Peterson — the son of a Mariner Energy Inc. board member — that Apache was about to buy Mariner, the defendant said in a New York courtroom.

Brownstein admitted he bought Mariner stock for himself and his oil-and-gas focused investment...
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