Millenium Partners Negrin Accused in First CDS Insider-Trading Case
According to FINalternatives, former Millenium Partners hedge fund manager Renato Negrin, who the Securities and Exchange Commission alleges made $1.2 million four years ago trading on non-public information about a bond offering from Dutch media company VNU Group, took the stand in his own defense and denied any wrongdoing. This is the first ever insider-trading scandal involving credit default swaps (CDS).
According to the SEC, Negrin was given inside information by Deutsche Bank Securities CDS salesman Jon-Paul Rorech, his co-defendant. Negrin and Rorech are arguing that the SEC does not have jurisdiction over CDS because they are contracts, not securities.
Neither Millennium nor Deutsche Bank is accused of wrongdoing in the case.
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