New Charges In Hedge Fund Insider-Trading Case

Feb 8 2012 | 1:32pm ET

Level Global Investors co-founder Anthony Chiasson and former Diamondback Capital Management trader Todd Newman have a few more allegations to fight in court.

Prosecutors yesterday added new securities fraud charges against Chiasson and Newman, bringing the total number of charges to 10. The grand jury also named former SAC Capital Advisors trader Jon Horvath and Whittier Trust Co.'s Danny Kuo.

The four men were arrested and initially charged last month, along with three other men who have pleaded guilty and who are cooperating with prosecutors.

The four remaining defendants are all free on bail.

According to U.S. Attorney Preet Bharara, the seven were members of a "criminal club," earning more than $60 million on traded confidential information.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…