NY judge sentences Denver trader to year in prison
NEW YORK (AP) — The Denver owner of a hedge fund has been sentenced in New York to a year and a day in prison after he admitted making up to $2.5 million by trading on insider information he got from a friend.
Judge Robert Patterson also Wednesday ordered Drew "Bo" Brownstein to serve six months of home confinement and to perform 500 hours of community service. He fined him $7,500 and signed an order requiring him to forfeit $2.4 million in illegal profits.
The hedge fund portfolio manager had admitted buying shares of Mariner Energy Inc. in April 2010 after learning from a friend that it was going to be acquired by Apache Corp. Papers filed by the Securities and Exchange Commission say Brownstein actually made more than $5 million in illegal profits.