Mon, Mar 2, 2015
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. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  2. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  3. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie