Former Level Global Investors hedge fund manager Anthony Chiasson has been sentenced to 6.5 years in prison for insider trading on Monday.
Reuters reported that Chiasson was also ordered by U.S. District Judge Richard Sullivan to pay a $5 million fine.
Gregory Morvillo, Chiasson’s lawyer, said he plans to appeal the conviction.
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.
New York-based Level Global agreed to pay $21.5 million last month to settle civil charges brought by the U.S. Securities and Exchange Commission related to Chiasson's conduct.