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Quick Defense in Insider Trading Trial of 2 Hedge Fund Managers

DealBook – Defense lawyers for two former hedge fund managers called one witness before resting their case, a surprise decision that will send the insider trading trial to the jury as soon as Tuesday.

In one of the largest prosecutions by the government in its broad insider trading investigation, Anthony Chiasson, a co-founder of the now-defunct Level Global Investors, and Todd Newman, a former portfolio manager at Diamondback Capital Management, are on trial in Federal District Court in Manhattan on charges that they were part of a conspiracy that made about $68 million illegally trading technology stocks.

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