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Hedge fund CEO admits $2.5M inside trade scheme

Pleading guilty in NYC, Denver portfolio boss apologizes for $2.5M inside trading scheme By The Associated Press

NEW YORK (AP) ' The Denver owner of a hedge fund has pleaded guilty to securities fraud in New York City.

Drew "Bo" Brownstein admitted Friday that he made up to $2.5 million in profits on illegal inside trades.

The hedge fund portfolio manager admitted buying shares of Mariner Energy Inc. in April 2008 after learning from a longtime friend that it was going to be acquired by Apache Corp.

The 35-year-old owner of Big 5 Asset Management LLC choked up as he apologized to family, colleagues, investors and friends.

Sentencing was set for Dec. 20.

His plea agreement calls for him to serve up to four years in prison. He was freed on $500,000 bail.

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