Hedge fund manager guilty of $7m insider-trading scheme


NEW YORK – Former hedge fund manager Joseph Contorinis, has been found guilty on eight counts of fraud in an insider-trading case in New York City.

Over a two-year period from 2004 to 2006, Contorinis received information from Nicos Stephanou, a UBS investment banker, based in New York and London, on mergers and acquisitions. Contorinis then used that information to execute trades, accruing, according to prosecutors, up to $7 million in profits, despite knowing that Stephanou was violating

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Investment banks: the future of risk control

This Risk.net survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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