The sentencing of former Level Global Investors analyst Spyridon “Sam” Adondakis has been postponed due to his cooperation in helping the government’s prosecution in other related insider trading cases.
Bloomberg Businessweek reported that Adondakis, who previously worked for Level Global co-founder Anthony Chiasson who was sentenced to jail earlier this year for insider trading, has been targeted as a potential witness against SAC Capital Advisors portfolio manager Michael Steinberg. Steinberg, who goes on trial in November, has pleaded not guilty to insider trading.
Adondakis’ sentencing has been rescheduled for March 19.
Adondakis also testified against Chiasson during the latter’s trial last year, claiming that he was among a group of hedge fund analysts and portfolio managers who exchanged confidential information about technology companies, earning at least $72 million in illegal profits. Steinberg is accused of being in the receiving end of Adondakis’ tips.