SEC Reaches Settlement With Insider Trading Convict Danielle Chiesi
NEW YORK (CBSNewYork/AP) -- A woman who admitted her role in a massive insider trading case has agreed to pay $540,000 to settle civil charges in New York brought by the Securities and Exchange Commission.
Hedge fund manager Danielle Chiesi will be sentenced next week after pleading guilty in what prosecutors have said was the biggest hedge fund insider trading probe in history.
The court record Tuesday showed that 45-year-old Chiesi will pay $540,534 to satisfy civil charges. Chiesi pleaded guilty to criminal insider trading charges in January. She was heard on audio tapes played at the trial of one-time billionaire Raj Rajaratnam, who was convicted in May of insider trading.
Prosecutors said the probe resulted in more than $50 million in illegal profits. More than two dozen people were convicted.
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