Fri, Apr 18, 2014
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

Banner
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. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  4. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an

  5. SEC allows investment funds to use social media[more]

    Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has released new guidance letting investment funds and advisors use social media to promote client reviews. The guidance seeks to assist investment managers in developing compliance policies and procedures reasonably