According to Bloomberg the U.S. government vowed to continue its five-year investigation into insider trading on Wall Street as it charged a fourth ring of hedge-fund traders with using illegal information to make millions of dollars.
“Each wave of charges and arrests seems to produce leads that lead us to the next phase,” Janice Fedarcyk, assistant director at the Federal Bureau of Investigation, said yesterday at a news conference in New York. “This initiative is far from over.”
Anthony Chiasson, 38, who co-founded Level Global Investors LP with David Ganek in 2003, was among those taken into custody. He helped build New York-based Level Global into a $4 billion firm before shutting it down last February because of the probe. Chiasson and others at the fund made $57 million on illegal trades on Dell Inc. and the alleged scheme netted $61.8 million altogether, according to complaint. That’s almost as much as Mr. Rajaratnam, who ran Galleon Group LLC and is now serving 11 years in prison for insider trading after being found guilty in May…..
Learn more at http://www.bloomberg.com/news/2012-01-19/u-s-vows-to-expand-insider-trading-probe-as-fourth-ring-charged.html
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