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SEC orders hedge fund Level Global to pay $21.5m in settlement over insider trading charge

Tuesday, April 30, 2013

From Komfie Manalo, Opalesque Asia – Yesterday, Greenwich, Connecticut-based hedge fund advisory firm Level Global Investors LP agreed to pay more than $21.5m to settle charges by the Securities and Exchange Commission (SEC) that its co-founder/portfolio manager Anthony Chiasson and its analyst Spyridon "Sam" Adondakis had engaged in repeated insider trading in the securities of Dell Inc., a computer maker, and Nvidia Corp., a chipmaker. The settlement is subject to court approval.

The SEC filed the charges in federal court in Manhattan in January 2012. The complaint included six other defendants, says the SEC’s release, including five investment professionals and the hedge fund advisory firm Diamondback Capital Management.

According to the complaint, Adondakis was part of a group of hedge fund analysts who got insider information on Dell and Nvidia’s revenues and profit margins. In 2008 and 2009, he passed that information on to Chiasson, who then executed trades for Level Global. Following the U.S. government’s investigation of Level Global which started in 2011, the firm closed down and returned money to investors, and is now in the process of winding down.

The SEC says that Level Global neither admits nor denies the allegations. Adondakis previously pleaded guilty to other charges and settled, and the SEC is pursuing its insider trading claims against Chiasson, who was convicted in Dece......................

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