Sat, Mar 28, 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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner