Christopher Pia was the quintessential hedge fund success story: a hard-charger from a working-class New York City neighborhood whose trading prowess earned him a top job at fund giant Moore Capital Management. He bought a sprawling house in Armonk, New York, and tooled around town in an orange Lamborghini.

But his 18-year relationship with Moore Capital and its founder, hedge fund tycoon Louis Bacon, came to an abrupt end in late 2008. Bacon forced out his onetime head trader, friend and protégé, and Pia launched his own fund.