A former research analyst at a New York hedge fund has pleaded guilty to insider trading charges in a case the government says reaped $61.8 million in illegal profits.
Jon Horvath of San Francisco entered the plea Friday in federal court in Manhattan. He admitted being among analysts who obtained inside information from 2007 to 2009 from public company employees.
The government says the analysts then shared the secrets with each other and with their bosses: hedge fund portfolio managers. Horvath pleaded guilty to conspiracy to commit securities fraud and two counts of securities fraud. As part of a plea agreement, the 42-year-old man has agreed to forfeit any proceeds he received as a result of the insider trading. Sentencing was set for March 31.
Watchdogs are questioning an exclusive agreement between the City of Oakland and a non-profit group, tapped to lead a multi-million dollar project to redevelop the area around the Coliseum BART station.