Joseph Contorinis, a former general partner of the Jefferies Paragon Fund, has been on trial this week on charges that he traded on tips to earn $7 million given to him by a former UBS mergers and acquistions director Nicos Stephanou. After one particularly fruitful exchange of information, Contorinis treated Stephanou — who is not particularly discriminatory when it comes to giving information, he admitted in court he "routinely told friends from New York and his native Cyprus about companies that were to be acquired," according to Bloomberg and has pleaded guilty in exchange for leniency — to a nice lunch.
Contorinis footed the bill as the two celebrated over sushi at Masa, a restaurant in Manhattan’s Time Warner Center, according to court testimony.
“It was the most, you know, exquisite dinner, sushi dinner I’ve ever had,” Stephanou testified, as prosecutors showed jurors the menu from his $1,000 meal. “I had asked them to send it to me so I’d have it as a reference, as memorabilia,” Stephanou said of the menu.
So, worth it, then?