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2 Prominent Hedge Fund Managers Found Guilty

New York (HedgeCo.Net) – A New York jury has found Anthony Chiasson and Todd Newman, both former hedge fund managers, guilty of insider trading charges.

The NYT reports:

“The government built its case around the testimony of two key witnesses: Spyridon Adondakis, who is known as Sam, who worked for Mr. Chiasson at Level Global, and Jesse Tortora, who was supervised by Mr. Newman at Diamondback.”

ABC reeports:

Newman, of Needham, Mass., is a former portfolio manager with Stamford, Conn.-based Diamondback Capital Management who had been accused of making about $2.8 million from illegal tips.

Chiasson, of Manhattan, is a co-founder of Greenwich, Conn.-based Level Global Investors. The government said he earned about $50 million illegally by trading on a tip received about Dell Inc. stock in 2008.

Sentencing was set for April 19 for both men. Defense lawyers said they would appeal the verdict.

Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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