Clay Capital’s Turner Gets Year in Prison in Insider Case
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James F. Turner II, chief investment officer of the hedge fund Clay Capital Management LLC, was sentenced to one year in prison for insider trading that prosecutors said made more than $2.5 million.
Turner, 45, was sentenced today in federal court in Newark, New Jersey, where he admitted Dec. 19 that he illegally traded in shares of Autodesk Inc., Moldflow Corp. and Salesforce.com Inc., U.S. Attorney Paul Fishman said in a statement. U.S. District Judge Dennis Cavanaugh also imposed a $25,000 fine.