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

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

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