Bond master Baldt faces ex-boss in Philly insider hearing
The former multi-billion-dollar fund manager for Schoeders Plc is on trial for his career. Did he use inside information to warn his daughter and ex-wife to dump shares in his own fund as the markets collapsed in 2008?
David W. Baldt, the ex-municipal bond manager the SEC says wrongly warned his daughter to dump her shares in his $5 billion Center City-based portfolio during the 2008 credit market meltdown, finally got his say in court today. Previous story here.
In the first day of a hearing before federal adminstrative law Judge Robert G. Mahony, Baldt defended himself from insider trading accusations that could cost him his securities license and his 30-year career as a meticulous bond picker. Backed by his pastor and a handful of friends, Baldt also sat through testimony by Jamie Dorrien-Smith, his old boss's boss at Schroders Plc, who came to a City Hall courtroom to testify at the government's request.