Joseph Contorinis, a former money manager for the Jefferies Paragon Fund, was indicted today by a federal grand jury on fraud charges related to an alleged $7 million insider trading ring, Bloomberg reports.
As previously discussed here, federal prosecutors in New York initially charged four people, including Contorinis, criminally in an insider trading case in February 2009.
The indictment alleges that Nicos Stephanou, an associate director of mergers and acquisitions at UBS AG’s London office, “had access to and learned material information about merger and acquisition transactions. Stephanou provided Contorinis, and others known and unknown, with UBS insider information” from 2004 to 2006.
