Wednesday, 1 October 2014
Last updated 12 hours ago
Apr 30 2013 | 1:04pm ET
Level Global Investors, whose co-founder was convicted of insider trading in December, will pay more than $21.5 million to settle with the Securities and Exchange Commission.
The Greenwich, Conn.-based firm settled allegations that the co-founder, Anthony Chiasson, and Chiasson's analyst illegally traded Dell Inc. and Nvidia Corp. shares in 2008 and 2009, as part of a wide-ranging insider-trading circle that included other hedge funds. Level Global's offices were raided by the Federal Bureau of Investigation in connection with that probe in November 2010, and the hedge fund closed its doors several months later.
Level Global neither admitted nor denied the allegations. The settlement includes almost $10.1 million in disgorgement and an equivalent civil penalty, and will be paid by the firm's management, rather than its investors.
"The insider trading at Level Global was hardly an isolated event—it occurred repeatedly, and involved multiple companies and multiple quarterly announcements," Sanjay Wadhwa of the SEC's New York office, said. "This settlement serves as another reminder that the SEC will hold hedge fund managers accountable when their employees violate the securities laws."
Chiasson was convicted of securities fraud and conspiracy in December, in part thanks to the testimony of his analyst, Spyridion Adondakis, who pleaded guilty. He faces up to 20 years in prison when he is sentenced next month.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...