Former hedge fund manager Anthony Chiasson has found sympathy in the New York federal judge who convicted him earlier this year for insider trading.
Legal news outlet Law360 reported that U.S. District Judge Richard J. Sullivan ruled on Friday that the $5 million fine he imposed on former Level Global Investors portfolio manager Chiasson, who was accused last year of netting millions in illegal profits from alleged stock trades of computer company Dell and semiconductor maker Nvidia, was an error. Judge Sullivan has lowered the fine to $1.25 million.
The article said that Judge Sullivan said that new ruling was justified by Chiasson’s five counts of conviction, which has a maximum imposition of $250,000 per count.
Chiasson, who was sentenced to 6.5 years in prison in May, has appealed the conviction.