Visium's founder, Jake Gottlieb. Screenshot via BloombergTV Visium Asset Management, a one-time rising hedge fund, is shutting down after its former employees were charged with insider trading and fraud.

It's a quick turnaround since the New York hedge fund managed $7.8 billion at the start of the year.

The fund had been amassing assets for years, as per Hedge Fund Intelligence data.

Much of that money came from public funds, such as university endowments and pensions that invest on behalf of teachers, firefighters and police.

That's even as some on Wall Street were backing away from Visium.

Morgan Stanley disinvited Visium's founder from a marquee "Breakers" conference, and Steve Cohen, the billionaire hedge funder put a ban on hiring people who had worked at Visium before Visium told its investors it was under investigation.

Here's a timeline on how the events at Visium played out: