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Former Visium Asset Management portfolio manager convicted of fraud

The U.S. Department of Justice announced that Stefan Lumiere, a former portfolio manager at Visium Asset Management LP, was convicted of conspiracy to commit securities and wire fraud, securities fraud and wire fraud.

Lumiere's conviction was in relation to a scheme to mismark securities held in a certain fund from 2011 to 2013 to overstate the net asset value of the fund that was reported to investors on a monthly basis.

The charges also carry a maximum fine of $5 million, or twice the gross gain or loss from the offense.

In July 2016, Lumiere pleaded not guilty to charges related to the alleged fraud scheme.