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

By Beth Healy, Globe Staff

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

Fortuna, 50, pled 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 Manhattan federal court and was ordered to pay $200,000.

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.