The following is from the SEC...
The Securities and Exchange Commission today announced that
Greenwich, Conn.-based hedge fund advisory firm Level Global Investors LP has
agreed to pay more than $21.5 million to settle charges that its co-founder,
who also served as a portfolio manager, and its analyst engaged in repeated
insider trading in the securities of Dell Inc. and Nvidia Corp.
In January 2012, the SEC filed insider trading charges
against Level Global, the firm's co-founder Anthony Chiasson, a former analyst
Spyridon "Sam" Adondakis, and six other defendants, including five
investment professionals and the hedge fund advisory firm Diamondback Capital
Management. The SEC's complaint, filed
in federal court in Manhattan ,
alleged that Adondakis was a member of a group of closely associated hedge fund
analysts who illegally obtained highly sensitive information regarding the
financial performance of Dell and Nvidia before this information was made
public.
According to the SEC, during 2008 and 2009, Adondakis passed
the information on to Chiasson, who used it to execute trades on behalf of
hedge funds managed by Level Global and reap millions of dollars in illegal
profits…..
Get the big picture at http://www.futuresmag.com/2013/04/29/hedge-fund-to-pay-215-million-to-settle-sec-charge
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