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Alternative Market Briefing

SEC refunds hedge fund Level Global $21.5m in settlement money

Wednesday, January 27, 2016

Komfie Manalo, Opalesque Asia:

A federal court ordered the Securities and Exchange Commission on Tuesday to refund the now defunct hedge fund Level Global Investors $21.5m in settlement money arising from an insider trading probe in 2011, reported the New York Times.

The order of U.S. District Judge Shira Scheindlin came after the SEC said a day earlier that it would not object to the motion filed by Level Global. The motion sought to return the settlement money paid in 2013 after one of its founders, Anthony Chiasson, was involved in an insider trading scandal. Investors lost confidence in the firm as a result of the probe, leading to its closure.

The SEC told the court of its non-objection in response to a request by Level Global to vacate the 2013 settlement and asked the SEC to repay it, Reuters said.

Level Global asked for a refund after Chiasson won in federal appeals court in December 2014 reversing his conviction on insider trading charges resulting from trades of Dell Inc and Nvidia Corp. That court decision has made it harder for the SEC to try insider trading cases.

The report said the SEC will be paying the settlement money to former investors of Level Global. However, Gregory Morvillo, a lawyer ......................

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