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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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Ex-Dell Employee Avoids Jail After Assistance in Insider Trading Cases

Dec 08, 2013
Jing Chen

A former Dell, Inc. supply manager has avoided prison after helping U.S. prosecutors in the insider trading cases of several hedge fund managers and analysts.

Bloomberg reported that U.S. District Judge Jed Rakoff commended Daniel DeVore’s assistance to the U.S. before imposing a sentence of time served in Manhattan last week. The information that DeVore provided to the government led to the search warrants of several hedge funds in 2010 and insider trading convictions.

DeVore pleaded guilty in 2010 of passing confidential data to hedge fund managers and employees—including SAC Capital Advisors’ Michael Steinberg, Diamondback Capital Management’s Jesse Tortora and Level Global Investors’ Spyridon “Sam” Adondakis-- while as a paid consultant at California-based networking firm Primary Global Research.

Steinberg, who worked at SAC affiliate Sigma Capital Management, is currently on trial in New York after being charged with conspiracy and securities fraud tied to trades in technology companies Dell and Nvidia.

 

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