|Published:||Nov 13, 2012 4:28 PM EST|
|Updated:||Nov 14, 2012 7:31 AM EST|
NEW YORK (AP) - Jurors listening to opening statements in the latest New York City insider trading trial have been promised a deep look into the hedge fund industry as they decide the fates of two former money managers.
The opening statements occurred Tuesday in the trials of former hedge fund managers Anthony Chiasson (CHEE'-ay-sahn) and Todd Newman. The two men are accused of making millions of dollars after receiving tips about the technology companies' financial results that had not yet been publically announced.
Prosecutor Richard Tarlowe told jurors that Chiasson made about $50 million from a single tip involving Dell Inc.
But Chiasson's defense lawyer, Reid Weingarten, says the Dell trade was not unusual for a $4 billion hedge fund. He says there was nothing aberrational in his client's trades.