Needham Man Jailed for 4 Years in Insider Trading Case

Todd Newman, a 48-year old Needham resident, was sentenced to 4-and-a-half years in prison last Thursday in an insider trading case, on top of a $1 million fine and restitution of $738,000.

The Wall Street Journal (WSJ) story quotes US District Judge Richard Sullivan saying, it is "hard to understand why someone who reached the pinnacle of success in society ... would risk all of that for more."

"This was all about money and getting more," the judge added.

In January of last year, the FBI and Needham Police served Newman a warrant at a Wildwood Road residence. He was one of seven people charged in an insider trading case which allegedly earned more than $60 million on trades of computer company Dell, Inc. 

The WSJ piece notes that Newman earned between $3 million and $4 million every year from work.

See the full story on Wall Street Journal.

Boston.com reports that Newman worked for Diamondback Capital, a large hedge fund firm in Connecticut until 2011.