Tue, Feb 28, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Comment - Mortgages, mergers and hedge fund fees, Fairholme's Berkowitz responds to court ruling against hedge fund suits of Fannie Mae[more]

    Mortgages, mergers and hedge fund fees From Bloomberg.com: Yesterday the U.S. Court of Appeals for the D.C. Circuit handed down an odd decision in a lawsuit over the government's nationalization of Fannie Mae and Freddie Mac. The key issue is what's called the "Third Amendment," the 2012

  2. Investing - Hedge funds continue to chase the herd in record Momentum wager, Marshall Wace bets grocer Sainsbury may need rights offering, Hedge fund net exposure has started to retreat, David Tepper's Appaloosa fund makes a huge buy, The 10,000-mile journey to Short Australia, Skeptical hedge fund investors grill Evan Spiegel about Snap's I.P.O.[more]

    Hedge funds continue to chase the herd in record Momentum wager From Bloomberg.com: Hedge funds can't get enough of momentum - even if it means embracing an investing strategy they hate. Loosely defined as betting on shares that went up the fastest over the preceding nine-to-12 months, h

  3. Opalesque Exclusive: Swiss investors take fund seeding and acceleration into their own hands[more]

    Benedicte Gravrand, Opalesque Geneva: Banque Bonhote, a 200-year old Swiss private bank, last year launched a community of investors - heads of Swiss family and advisory offices and wealth managers - with the aim of co-investing in the kind of managers they wanted to invest in, either by way of s

  4. K2 Advisors : Why We Like Activist Hedge Fund Strategies and Some Thoughts on Alpha[more]

    Matthias Knab, Opalesque: Rob Christian, Senior Managing Director, Head of Research K2 Advisors, Franklin Templeton Solutions, writes on Harvest Exchange: When d

  5. Ex-Navy SEAL backed by Mario Gabelli, Jean-Marie Eveillard and other value giants off to strong start[more]

    From Valuewalk.com: Sententia Capital Management is not your average value focused hedge fund. The fund was founded by Michael Zapata, a former Navy Seal Team 6 Officer and has attracted funding from some of the best-known names in the value space. Mario Gabelli, Jean-Marie Eveillard from First Eagl