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

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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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