{"id":36139,"date":"2013-06-13T09:58:26","date_gmt":"2013-06-13T13:58:26","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=36139"},"modified":"2013-06-13T11:09:08","modified_gmt":"2013-06-13T15:09:08","slug":"sec-bars-level-global-and-diamondback-hedge-fund-managers","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2013\/sec-bars-level-global-and-diamondback-hedge-fund-managers.html","title":{"rendered":"SEC Bars Imprisoned Level Global and Diamondback Hedge Fund Managers"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/03\/download.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-34612\" alt=\"\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/03\/download-300x203.jpg\" width=\"300\" height=\"203\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/03\/download-300x203.jpg 300w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/03\/download.jpg 470w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>New York (HedgeCo.Net) &#8211; The SEC, in a\u00a0parallel civil claim, has barred hedge fund managers Anthony Chiasson and Todd Newman from\u00a0associating with investment advisers, broker-dealers and other entities registered with the SEC.<\/p>\n<p>In the original criminal case, Level Global&#8217;s Chiasson\u00a0was found guilty of insider trading charges and sentenced to six and a half years in prison, Diamondback&#8217;s Newman was sentenced to four years and six months.<\/p>\n<p>Manhattan-based Chiasson is a co-founder of Greenwich, Conn.-based\u00a0<a href=\"http:\/\/www.hedgeco.net\/news\/05\/2013\/hedge-fund-to-pay-more-than-21-5-m-to-sec.html\" target=\"_blank\">Level Global Investors<\/a>. The government said he earned about $50 million illegally by trading on a tip received about Dell Inc. stock in 2008.\u00a0He was also was ordered to pay $5 million in fines and to forfeit illegally obtained proceeds of as much as $2 million.<\/p>\n<p>The hedge fund executives are among dozens ensnared in the government\u2019s recent insider trading crackdown. Unlike most defendants, though, Chiasson and Newman did not strike plea agreements and brought their case to trial, only to be\u00a0convicted on all counts\u00a0they faced related to trades ahead of earnings reports that Dell and Nvidia released in 2008 and 2009.<\/p>\n<p>Chiasson and Newman were accused by prosecutors of taking part in a \u201ccriminal club\u201d of finance professionals that used their connections to trade illegally. Also charged by criminal authorities and sued by the SEC were Jesse Tortora, an analyst for Newman; Spyridon \u201cSam\u201d Adondakis, an analyst for Chiasson; Danny Kuo, a vice president and fund manager at Whittier Trust Co.; Jon Horvath, a technology analyst at Sigma Capital Management; and Sandeep &#8220;Sandy&#8221; Goyal of mutual fund company Neuberger Berman Group LLC. All of those individuals have pled guilty and settled the SEC\u2019s claims.<\/p>\n<p>Level Global and Diamondback were also sued by the SEC.\u00a0The firms settled\u00a0for $21.5 million and $9 million, respectively.<\/p>\n<p>Alex Akesson<br \/>\nFor\u00a0<a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; The SEC, in a\u00a0parallel civil claim, has barred hedge fund managers Anthony Chiasson and Todd Newman from\u00a0associating with investment advisers, broker-dealers and other entities registered with the SEC. In the original criminal case, Level Global&#8217;s Chiasson\u00a0was [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-36139","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/36139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=36139"}],"version-history":[{"count":7,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/36139\/revisions"}],"predecessor-version":[{"id":36147,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/36139\/revisions\/36147"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=36139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=36139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=36139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}