Level Global Co-Founder Blasts ‘Fishing Expedition’

Dec 12 2014 | 1:17pm ET

The co-founder of Level Global Investors has lashed out at the authorities following the reversal of his co-founder’s conviction on insider-trading charges.

Level Global closed in early 2011, just months after the Federal Bureau of Investigation raided its offices. It was those raids that killed the firm, David Ganek said after Anthony Chiasson was cleared Wednesday by the U.S. Second Circuit Court of Appeals.

“For the dozens of my high-integrity colleagues at Level Global who lost their jobs and their reputations because the FBI improperly raided our firm in this now-discredited fishing expedition, today’s legal vindication is a reminder of how prosecutorial recklessness has real impact on real people,” Ganek said in a statement.

Level Global was one of four hedge funds raided by the FBI in November 2010, all of which have since closed. Another was Diamondback Capital Management, one of whose traders, Todd Newman, was convicted alongside Chiasson—and vindicated alongside him. A third was Loch Capital Management; no one at that firm was ever charged with a crime.

In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...


CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...