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Stefan Lumiere, a portfolio manager at Visium Asset Management, was found guilty of federal securities fraud.
An insider-trading charge undid Sanjay Valvani, a star hedge fund manager at Visium Asset Management. Friends and colleagues have been grappling ever since.
Morgan Stanley, Steve Cohen and others on Wall Street distanced themselves from hedge fund Visium as public pensions and endowments added money.
As Wall Street distanced itself from Visium, the hedge fund that is shutting amid an insider-trading scandal, Main Street investors kept adding money.
The healthcare-focused Visium Balanced Fund, the hedge fund at the center of an insider-trading investigation, has dropped further in performance.
Visium Asset Management, a multibillion-dollar hedge fund, has closed after a series of problems, founder Jacob Gottlieb told investors on Friday.
Visium said that it anticipates withholding 3% to 5% of assets in reserve for "possible liabilities and other contingencies."
Visium Asset Management, the hedge fund at the heart of an insider trading investigation, is being bought by AllianceBernstein, according to a Dow Jones report.