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Hedge fund manager Fortuna of Westwood sentenced to probation in insider trading case

The hedge fund manager Steven Fortuna was sentenced Wednesday to two years of probation for his participation in an insider-trading scheme involving nonpublic information on Akamai Technologies Inc. and other technology companies.

Fortuna, 50, of Westwood, pleaded guilty in October 2009 to three counts of conspiracy to commit securities fraud and one count of securities fraud after cooperating with an investigation by the US attorney in the Southern District of New York. He was sentenced in federal court in Manhattan and ordered to pay $200,000.

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The government said Fortuna in 2008 obtained inside information on Cambridge-based Akamai’s revenues from another hedge fund manager and traded on that information. He earned about $2.4 million in profits for his firm, S2, on the trades, the government said.

As a condition of his probation, Fortuna was ordered to serve six months of home confinement with electronic monitoring, and 120 hours of community service during each year of his probation.

Beth Healy can be reached at
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