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Ex-Trader Testifies at Trial, Drawing Spotlight to Hedge Fund

  • Deerfield chief pushed for ‘illegal edge,’ prosecutor claims
  • Late production of evidence blamed on a ‘technical glitch’
Trading On The Floor Of The NYSE As Stocks Rebound After Volatile Week While Dollar Slips
Photographer: Michael Nagle/Bloomberg
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Washington’s "political intelligence" industry was supposed to be the focus of an insider-trading trial under way in Manhattan. But it’s Deerfield Management that’s in the spotlight in the early proceedings.

Former Deerfield trader Jordan Fogel told jurors Thursday how he and others used non-public information they got from a health-care industry consultant to make millions of dollars for the hedge fund. Prosecutors claim the consultant, David Blaszczak, passed information to Deerfield that he got from a friend and ex-colleague at the Centers for Medicare & Medicaid Services.