Level Global Co-Founder Seeks Shorter Prison Term

May 1 2013 | 12:57am ET

Level Global Investors co-founder Anthony Chiasson's lawyers this week pleaded for leniency for their client, whom they called "an extraordinary man."

Chiasson was convicted in December of insider-trading, and federal sentencing guidelines call for a jail term of 13 years. But his lawyers told U.S. District Judge Richard Sullivan, who will impose sentence on May 13, that so much time in prison would be "draconian," and instead asked for between six-and-a-half and eight years.

"Anthony Chiasson is an extraordinary man," lawyers Greg Morvillo and Reed Weingarten wrote. "But for the conduct that brings him before the court, Anthony has led an exemplary life."

Morvillo and Weingarten noted Chiasson's charitable contributions, from his high school and college to the Robin Hood and Michael J. Fox foundations.

Prosecutors said that Level Global earned $68 million in illicit profits trading on confidential information passed to Chiasson by his former analyst, Spyridion Adondakis, who cooperated with the investigation.

Chiasson's lawyers also asked that their client "not be required to forfeit gains of any co-conspirators," a reference to Level Global co-founder David Ganek. Sullivan has ruled that Ganek is an unindicted co-conspirator in the case, although he has not been charged with any wrongdoing.

Level Global allegedly earned more than $21.6 million on trades made by Ganek.

"Fundamental fairness dictates that Mr. Chiasson should not have to forfeit money Ganek obtained while Ganek gets to keep it," Morvillo and Weingarten wrote. "If, despite Adondakis' testimony, the government still believes that Ganek is a co-conspirator, it can get any monies it believes to be tainted from Mr. Ganek himself."


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Sponsored Content

Editor's Note