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Level Global Co-Founder Files Lawsuit Against Prosecutors, FBI Agents

Bruce Carton | February 27, 2015

Remember back in November 2010 when the FBI launched a series of raids on hedge funds including Level Global Investors LP and Diamondback Capital Management LLC? These raids ultimately led to the convictions of Level Global co-founder Anthony Chiasson and Diamondback Capital’s Todd Newman on criminal insider trading charges. Shortly thereafter, Level Global went out of business in 2011, 65 Level Global employees lost their jobs, and Level Global settled the SEC's insider trading charges for over $20 million in 2013.

On appeal, Chiasson and Newman argued that because they did not know that the tipper of the insider information at issue received any benefit for doing so, the case against them must be thrown out. In December, as I've previously ...
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