‘Fight Club’ of corrupt analysts cited at insider trial

Two former hedge fund managers reaped a total of USUS$70.8 million in illegal profits by tapping a ”corrupt network” of Wall Street analysts, a US prosecutor said at the start of an insider trading trial.

Todd Newman, who was a portfolio manager at Diamondback Capital Management, and Anthony Chiasson, co-founder of Level Global Investors, were charged in January in a sweep dubbed ”Operation Perfect Hedge” by the Federal Bureau of Investigation. More than 70 people have been charged in the government’s broad probe of Wall Street trading.

via Business feed http://www.scmp.com/business/companies/article/1082188/fight-club-corrupt-analysts-cited-insider-trial