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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Level Global Settles Insider Trading Charges

Apr 30, 2013
Jing Chen

Level Global Investors is following in fellow hedge fund firm SAC Capital’s footsteps in settling insider trading charges through a large monetary fine.

The Securities and Exchange Commission announced in a statement Monday that New York-based Level Global has agreed to pay more than $21.5 million to settle charges that its co-founder/portfolio manager Anthony Chiasson and analyst Spyridon Adondakis were involved in insider trading in the securities of Dell Inc. and Nvidia Corp.

Sanjay Wadhwa, senior associate director of the SEC's New York regional office, explained that the “settlement serves as another reminder that the SEC will hold hedge fund managers accountable when their employees violate the securities laws.”

According to an earlier eVestment article, Chiasson, along with former Diamondback Capital Management portfolio manager Todd Newman were accused last year of netting more than $61.8 million in illegal profits from alleged stock trades of computer company Dell. Their scheme also allegedly netted about $6 million from trades of semiconductor maker Nvidia. Adondakis was accused of passing the information he obtained to Chiasson.

eVestment reported  last week that a U.S. federal judge approved Steve Cohen’s Connecticut-based SAC Advisors’ $602 million insider trading settlement. The settlement is considered the largest ever in an insider trading case.

Source: 

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