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Former Diamondback Manager Sentenced to Prison

May 02, 2013
Jing Chen

Former Diamondback Capital portfolio manager Todd Newman was sentenced Thursday to 4.5 years in prison for insider trading.

The Associated Press reported that Newman was also fined $1 million and ordered to pay $738,000 in restitution by federal Judge Richard Sullivan in Manhattan.

According to an earlier eVestment article, Newman was convicted in December of conspiracy and insider trading charges for trades that generated $3.6 million in profits for Diamondback.

The Securities and Exchange Commission announced in a statement Monday that New York-based hedge fund firm Level Global Investors 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.--the same scheme Newman was involved in.

Diamondback told investors in December that it was planning to shut down after receiving an overwhelming number of redemption requests.

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