Summit Hedge Fund Manager Gets Year in Prison for Fraud

James Turner, 45, of Traverse City, Mich., previously pleaded guilty before U.S. District Judge Dennis M. Cavanaugh to an Information charging him with securities fraud. Judge Cavanaugh imposed the sentence today in Newark federal court.

... Beginning in 2006, Turner received inside information from his brother-in-law, Scott Vollmar, and from Scott Robarge, Turner's friend and former college classmate. Vollmar, who was formerly employed as a director of business development at Autodesk Inc., a software company based in California, passed inside information to Turner concerning Autodesk's confidential negotiations to acquire Moldflow Corp