New York (HedgeCo.net) – A hedge fund manage formerly of Jefferies Group Inc has been sentenced to six years after being convicted of fraud in October, according to a Reuters report.
“If it feels like those in the game are conducting insider trading, then everyone else is just a sucker,” Judge Richard Sullivan told Contorinis at the sentencing. Joseph Contorinis was found guilty in October of conspiracy and securities fraud relating to the 2006 buyout of Albertsons Inc supermarket chain.
The Judge also ordered Contorinis to pay $7.2 million. “The government’s star witness at the Contorinis trial, former UBS AG manager Nicos Stephanou, pleaded guilty and testified in exchange for leniency.” Grant McCool, a Reuters journalist wrote, ” Stephanou’s sentencing proceeding is scheduled for Dec. 22 in the same court. Two other defendants, Michael Koulouroudis and George Paparrizos, also have pleaded guilty.”
Editing by Alex Akesson
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