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A Billionaire, A Superyacht and Insider Trading Charges

Bloomberg Law

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The Incriminating Conversation Between Joe and His Hedge Fund Employees

Prosecutors allege there was an interesting, actually incriminating conversation on the yacht at dinner in September of 2019. Joe spent so much time on his yacht, he would have an endless rotation of visitors coming on. On this particular night, they were talking about a company called Marathi, which is a biotech company that his hedge fund had invested in. The company was getting ready to release some positive results of a medical trial. But they weren't planning to do it until the following month. And prosecutors allege that he took that information and then passed it on to his two longtime private jet pilots.

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