{"id":45420,"date":"2014-12-11T08:21:03","date_gmt":"2014-12-11T13:21:03","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=45420"},"modified":"2014-12-11T08:27:42","modified_gmt":"2014-12-11T13:27:42","slug":"convicted-hedge-fund-managers-cleared-of-wrongdoing","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/12\/2014\/convicted-hedge-fund-managers-cleared-of-wrongdoing.html","title":{"rendered":"Convicted Hedge Fund Managers Cleared Of Wrongdoing"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/12\/dbpix-insider-tmagArticle.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-45424\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/12\/dbpix-insider-tmagArticle.jpg\" alt=\"dbpix-insider-tmagArticle\" width=\"280\" height=\"187\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2014\/12\/dbpix-insider-tmagArticle.jpg 592w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2014\/12\/dbpix-insider-tmagArticle-300x200.jpg 300w\" sizes=\"auto, (max-width: 280px) 100vw, 280px\" \/><\/a>New York (HedgeCo.Net) &#8211;\u00a0A New York judge has thrown out the conviction against hedge fund managers Anthony Chiasson,\u00a0co-founder of hedge fund\u00a0Level Global Investors, and\u00a0Todd Newman, a former portfolio manager at hedge fund\u00a0Diamondback Capital Management.<\/p>\n<p>&#8220;Because the Government failed to\u00a0present sufficient evidence that the defendants willfully engaged in\u00a0substantive insider trading or a conspiracy to commit insider trading\u00a0in violation of the federal securities laws, we reverse Newman and\u00a0Chiasson\u2019s convictions and remand with instructions to dismiss the\u00a0indictment as it pertains to them with prejudice, &#8221; the DOJ said.<\/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;\u00a0A New York judge has thrown out the conviction against hedge fund managers Anthony Chiasson,\u00a0co-founder of hedge fund\u00a0Level Global Investors, and\u00a0Todd Newman, a former portfolio manager at hedge fund\u00a0Diamondback Capital Management. &#8220;Because the Government failed to\u00a0present sufficient [&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-45420","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45420","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=45420"}],"version-history":[{"count":6,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45420\/revisions"}],"predecessor-version":[{"id":45429,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45420\/revisions\/45429"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=45420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=45420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=45420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}