Neuberger analyst put on leave amid probe

Neuberger Berman Group has put research analyst Fayad Abbasi on paid leave as it looks into insider-trading
DEC 07, 2011
Neuberger Berman Group LLC put research analyst Fayad Abbasi on paid leave, the New York-based investment firm said today in an e-mailed statement. Abbasi's name emerged at the insider-trading trial of former Primary Global Research LLC sales executive James Fleishman, who was convicted Sept. 20 of conspiracy and securities fraud. Prosecutors showed the jury copies of e-mails Fleishman sent his customers which the U.S. said contained nonpublic information about technology companies. Abbasi was a recipient of some of Fleisman's e-mails. “Through a news report, we were informed that a research analyst at our company was possibly under investigation,” a company spokeswoman said in the e-mail. “If there is an inquiry, our firm will cooperate with all authorities.” Abbasi hasn't been accused of any wrongdoing. A call to a phone number listed for Fayad Abbasi in Larchmont, New York, wasn't answered. News of Abbasi's leave was reported earlier today by the Wall Street Journal. Neuberger Berman, Level Global Investors LP and Diamondback Capital Management LLC employees may face criminal charges as part of an insider-trading probe by U.S. authorities, a person familiar with the matter said Nov. 30. The charges may be filed as early as this month, said another person familiar with the probe who also wasn't authorized to speak because the matter isn't public. The new allegations stem from a four-year federal probe by the office of Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation in New York, the first person said. Caroline Sullivan, a spokeswoman for Bharara, declined to comment on the new allegations. Neuberger Berman manages more than $183 billion for clients including pension funds. --Bloomberg News--

Latest News

Osaic executives Kristy Britt and Greg Cornick to leave
Osaic executives Kristy Britt and Greg Cornick to leave

The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.

Estate planning becomes a client retention issue for financial advisors, survey finds
Estate planning becomes a client retention issue for financial advisors, survey finds

Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.

Candidly adds AI agents for Trump Accounts, workplace benefits
Candidly adds AI agents for Trump Accounts, workplace benefits

CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.

BMO adds three advisors in Dallas amid Y'all Street wealth boom
BMO adds three advisors in Dallas amid Y'all Street wealth boom

The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.

UBS moves toward full-service US bank as plans to extend wealth business
UBS moves toward full-service US bank as plans to extend wealth business

Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.