A former hedge fund manager from Miami, Kris Bortnovsky, 44, has been indicted on six counts related to insider trading and obstruction of justice.
According to the U.S. Attorney's Office, the charges allege that between 2017 and 2019, Bortnovsky engaged in a scheme to trade securities using confidential information, including earnings reports and merger plans. He is also accused of making false statements to federal agents and attempting to intimidate a cooperating witness while on pre-trial release.
Three co-defendants in the case have already pleaded guilty, with one receiving a one-year sentence. The investigation remains ongoing.
If convicted, Bortnovsky could face up to 25 years in prison for securities fraud, up to 20 years for witness tampering, and an additional 10 years for obstruction after charges were filed.
The case was announced by U.S. Attorney Leah B. Foley and Acting FBI Special Agent in Charge Kimberly Milka. The Securities and Exchange Commission and FBI’s Miami Field Office assisted in the investigation. Assistant U.S. Attorneys Ian J. Stearns and Kaitlin R. O’Donnell are prosecuting.
