(Fortune) Hedge fund manager Todd Newman’s successful career was upended when he was prosecuted for insider trading. After his conviction was thrown out on appeal, the case became a landmark in Wall Street regulation. An inside look at what it’s like to be stalked by the feds—and not back down.
The phone call that changed Todd Newman’s life came without warning. It was 8:45 on a Monday morning in November 2010. Newman was at his desk at Diamondback Capital Management, a hedge fund based in Stamford, Conn. He had arrived 15 minutes earlier at the firm’s office in One Landmark Square—coincidentally, a building Newman’s grandfather had developed years earlier—after commuting that morning from his home outside Boston, where he lived with his wife and daughter. Newman was a portfolio manager at Diamondback. He ran a long/short book of about $150 million, trading mostly in the stocks of technology companies.
