Tuesday, 21 April 2015
Last updated 58 sec ago
Feb 11 2011 | 11:12am ET
Level Global Investors, one of four hedge funds raided by the FBI in November as part of a federal insider-trading probe, is closing up shop and returning cash to clients, according to a letter first obtained by Dealbreaker.
The $3.5 billion firm expects to sell off all its holdings by the end of March.
Level Global investors have until the end of February to put in redemption notices for March 31. Dealbreaker, citing “people familiar with the matter” says the fund has already received redemptions worth $750 million. Anticipating heavy redemptions, fund co-founder David Ganek wrote:
“So, while we may be able to continue to operate Level Global, without the appropriate scale and ability to invest with the same strategy, it would not be the business we promised to our investors.”
Level Global was founded in 2003 by Ganek and Anthony Chiasson, both SAC Capital Advisors alumni.
“Unfortunately the ongoing government investigation presents significant challenges to maintaining our collective focus,” Ganek said in the letter. The fund co-founder reiterated that the fund is not the target of the U.S. government investigation and is not alleged to have engaged in any misconduct.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…