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Article: Westwood man pleads guilty in stock fraud.(Business)
- Article from:
- The Boston Herald
- Article date:
- November 6, 2009
- Author:
CopyrightCOPYRIGHT 2009 Boston Herald. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: GREG TURNER
A money manager from Westwood has admitted to cashing in on a hot trading tip about Cambridge's Akamai Technologies, federal prosecutors said yesterday in announcing new charges in a widening securities-fraud scandal.
Steven Fortuna, 47, netted $2.4 million in profits for his Boston-based hedge fund, S2 Capital, after getting inside information from an unnamed source at Akamai, according to court documents.
"He pleaded guilty and accepted full responsibility for what he did," said Richard Schaeffer, Fortuna's New York-based attorney. "He is very sorry about it."
Authorities announced charges against Fortuna and 13 ...