Joel Salomon, a former director at Citigroup, plans to start long-short equity hedge fund SaLaurMor Capital LP this month.
Bloomberg reports that Salomon, 48, left Citigroup in January 2012, where he ran a financial-stock portfolio valued at $700m at its peak in 2011 within the equity principal strategies unit, he said last month in a telephone interview.
Citigroup said in October 2011 it was closing the group as regulators prepared to restrict banks from using their own money to wager on securities and markets.
Bloomberg also that former Deutsche Bank employee David Parse, convicted in 2011 of helping run an illegal tax-shelter scheme, was denied a new trial on the ground that his lawyers didn’t properly represent him.
U.S. District Judge William Pauley in Manhattan granted a new trial for Parse’s three co-defendants in June, after a juror disclosed she had lied about her past as an alcoholic and a suspended attorney. Parse worked as an accountant for Deutsche Bank’s Alex. Brown unit.
In the meantime, The Financial Times reports that Goldman Sachs is seeking nearly $7m from a former board member convicted of insider trading to cover its legal fees and expenses, following a judge’s description of the bank as a 'victim' of the crime.
Goldman said it had spent $6.9m investigating allegations that Rajat Gupta, a director on the board from 2006 until 2009, had shared confidential financial information about the bank with his former friend Raj Rajaratnam, founder of Galleon Group hedge fund.
Taubman, who oversaw investment banking at Morgan Stanley, will remain an employee of the New York-based bank until May 5, according to a regulatory filing yesterday. The acceleration of his executive retirement plan is worth $1.7m, based on his 27 years at the firm, according to the filing.
Reuters reports that a former analyst at Moody's Investors Service has agreed to drop a lawsuit that had claimed the ratings agency tried to discredit him after he questioned its practices for rating risky mortgage debt, court records show.
Ilya Eric Kolchinsky and Moody's, a unit of Moody's Corp , both agreed the case would be dismissed, according to a Wednesday filing in Manhattan federal court.
Scott-Jones, of Morriston, Florida, pleaded guilty to conspiracy and wire fraud in 2010, agreeing to cooperate with a U.S. investigation of auction-fixing in the market for investments bought by states and local governments. He was sentenced last week by U.S. District Judge Harold Baer Jr. in Manhattan, the U.S. Justice Department said in a statement.
Goldman seeks $7m legal costs from Gupta (subscriber content only)