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Former Visium Asset Management portfolio manager pleads not guilty to fraud scheme charges

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Former Visium Asset Management portfolio manager pleads not guilty to fraud scheme charges

A former VisiumAsset Management LP portfolio manager pleaded not guilty to chargesrelated to an alleged fraud scheme at the company, Bloomberg News reported.

Federal prosecutors accused Stefan Lumiere, a portfolio manager for distressed creditat a Visium fund, of conspiring in a scheme to mismark the value of illiquid securitiesin his fund's portfolio. The prosecutors said the mismarking allowed the companyto overstate its net asset value, which led to higher management rates on the fundand bigger bonus payments for Lumiere, according to the report.

The charges stemmedfrom an insider trading investigationat Visium. Three current and former Visium employees were charged for allegedlytrading shares based on leaked information from within the U.S. Food and Drug Administration.

Visium is selling one of its funds to AllianceBernstein LP and winding down the remaining business.