Tue, Mar 31, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Level Global founder Anthony Chiasson gets six and a half years for insider trading

Tuesday, May 14, 2013

From Komfie Manalo, Opalesque Asia – Level Global Investors’s founder Anthony Chiasson was sentenced to six and a half years imprisonment for insider trading that earned him and his company $68m in illegal profits, Federal Judge Richard J. Sullivan said on Monday.

During Chiasson’s sentencing, Sullivan described the former manager’s wealth stated in his annual tax returns as staggering. "$16 million, $10 million, $23 million," Sullivan was quoted by the New York Times as saying, "That’s just staggering. It’s hard to imagine why someone would risk all that to engage in a crime like this."

Sullivan, who is a judge at the Federal District Court in Manhattan, also ordered the 39-year-old Chiasson to pay $5m fine and forfeit illegally obtained proceeds amounting to $2m. Chiasson must submit himself before the Federal Bureau of Prisons in 90 days, according to the court’s ruling.

The U.S. Securities and Exchange Commission (SEC) initially filed a civil injunctive action against Chiasson and six other fund managers and analysts, as well as hedge fund firms Diamondback Capital Management and Level Global Investors in January 2012. "This case involves insider trading by members of a network of associated hedge fund traders who illegally obtained material nonpublic inf......................

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