Seven people have been charged in a wide reaching insider trading probe that has been brewing since 2010. Of those seven, three people have been arrested, one surrendered, and three others have not been arrested as they cooperated with authorities, according to the FBI.
It all went down this morning, and here's how the arrests started:
A WSJ report said authorities "tried" to arrest Anthony Chiasson a co-founder of Level Global early this morning but he wasn't home. However, The NYT reports that he has surrendered to authorities.
Level Global was started by Chiasson and fellow SAC Capital vets David Ganek. At its peak the fund had $4 billion under management, but shut down after the FBI raided its office. David Ganek is the son of Howard Ganek, a former partner Neuberger and Berman. One analyst at Neuberger and Berman has been implicated in this case.
Reuters' Katya Wachtel reported that Todd Newman, a portfolio manager at another implicated hedge fund, Diamondback Capital, had also been arrested. Newman joined Diamondback in 2006 after working as a tech stock analyst at Paul Tudor Jones' Tudor Investments……
Read more: http://www.businessinsider.com/right-now-the-fbi-is-making-arrests-in-a-brand-new-chapter-of-the-hedge-fund-insider-trading-scandal-2012-1
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