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Insider trading trial offers glimpse hedge fund trenches

Fierce Finance – The hedge fund trenches are not a pleasant place to be.

That would appear to be the message so far in the trial of Todd Newman, formerly of Diamondback, and Anthony Chiasson, the co-founder of the hedge fund Level Global. As of now, the trial of Newman has proven to be anything but a run-of-the-mill insider trading trial (there have been so many). At times, it has instead offered a compelling human drama featuring Jesse Tortora, once an underling to Newman. He’s the government’s key witness against Newman, and has provided some interesting details about trench warfare at some hedge funds.

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