Ex-OppenheimerFunds Analyst Is Charged With Front-Running
- Sergei Polevikov allegedly used inside data to trade for self
- U.S. says he made $8.5 million exploiting small price shifts
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Sergei Polevikov, a former quantitative analyst at OppenheimerFunds, was criminally charged for allegedly using confidential information to front-run trades by his employer.
Polevikov, 48, is accused of using inside information about potential trades being made on behalf of his firm’s clients to trade for himself in a brokerage account he opened in his wife’s name. Federal prosecutors in Manhattan said he made $8.5 million exploiting the relatively small movements in price that can be generated by large trades. They said he made more than 3,000 trades, some of them on company computers.