Needham Man Out On Bail In Insider Trading Case

A Needham man is free on bail after being arrested at his home Wednesday morning as part of an ongoing federal investigation into insider trading.

In Boston's federal courthouse Wednesday, 47-year-old Todd Newman stood in a white T-shirt and jeans and agreed to post $1 million in cash and assets by Wednesday of next week, or forfeit a $3 million appearance bond.

His ex-wife, Jill, who sat in the rear of the courtroom, agreed to sign off on the deal.

Newman, a former hedge fund trader working out of Boston for Diamond Capital Management, is charged with participating in a scheme earning millions of dollars after receiving inside information about Dell computers.

He did not enter a plea Wednesday. He's due in federal court in New York in a week.