Ex-hedge fund manager gets 4 1/2 years in the big house

             

A former hedge fund manager at a Connecticut firm has been sentenced to 4 1/2 years in prison for insider trading.  According to the AP Todd Newman was sentenced Thursday by federal Judge Richard Sullivan in Manhattan.  The Needham, Mass., man was punished for trades made while he managed money at Stamford, Conn.-based Diamondback Capital Management in 2008 and 2009.

The judge said he found it hard to see why someone making up to $4 million a year would risk everything to engage in insider trading.  He also fined Newman $1 million and ordered him to pay $738,000 in restitution….

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