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A one-time portfolio manager at a top New York hedge fund has been sentenced to 18 months in prison
http://www.businessinsider.com/visiums-stefan-lumiere-sentenced-2017-5A one-time portfolio manager at a top New York hedge fund has been sentenced to 18 months in prison
Rachael Levy
15h
A one-time portfolio manager at a New York hedge fund that shuttered last year amid an insider trading scandal has been sentenced to 18 months in prison. Stefan Lumiere was found guilty earlier this year of inflating bond prices in Visium Asset Management's credit fund and hiding those losses from investors. The sentence, which was set Wednesday, June 14, includes a $1 million fine and three years of supervised release.
(snip)
The hedge fund attracted billions in assets, often from public pensions and endowments, even as Wall Street players distanced themselves, Business Insider previously reported. Billionaire hedge funder Steve Cohen, for instance, stopped hiring from Visium before the government's indictment became public.
At its peak, Visium managed $8 billion, and its shuttering marked one of the most notable insider trading cases in in recent years.
(snip)
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