- Posted April 20, 2012
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Michigan man gets 1 year in NJ insider trading case
NEWARK, N.J. (AP) -- A Michigan man has been sentenced to a year in prison in an insider trading scheme involving a New Jersey hedge fund.
James Turner was chief investment officer and portfolio manager of Summit, N.J.-based Clay Capital Fund. Prosecutors say beginning in 2006, he used insider information from his brother-in-law and a former college classmate to make more than $2 million in profits.
The 45-year-old Traverse City, Mich., resident pleaded guilty in December.
The brother-in-law, Scott Vollmar, was accused of providing information on confidential negotiations between his company, California-based Autodesk Inc., and another company it was poised to acquire.
Scott Robarge, the former classmate, allegedly leaked quarterly sales figures from his company, Salesforce.com.
Vollmar and Robarge also have pleaded guilty and will be sentenced next month.
Published: Fri, Apr 20, 2012
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