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.”
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.
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