Level Global Investors LP co-founder Anthony Chiasson was sentenced to 6 1/2 years in prison for using illegal tips funneled to him from analysts and company insiders to make more than $68 million for his hedge fund.
An insider-trading lawsuit filed by the U.S. Securities and Exchange Commission against Rengan Rajaratnam, the younger brother of imprisoned hedge-fund founder Raj Rajaratnam, was put on hold by a federal judge in New York.
Level Global Investors LP co-founder Anthony Chiasson, convicted last year of taking part in a $68 million insider-trading scheme, deserves a term of more than 10 years in prison for his crimes, prosecutors told the court.
Two former day traders who were convicted of trading on stock tips gleaned from the wife of a former Lehman Brothers Holdings Inc. salesman settled claims by the U.S. Securities and Exchange Commission.
Former Diamondback Capital Management LLC fund manager Todd Newman was sentenced to 4 1/2 years in prison for his role in an insider-trading scheme that used tips from technology company insiders to earn $72 million.
The federal judge presiding over the insider-trading prosecution of Michael Steinberg rejected a request from the lawyer for the SAC Capital Advisors LP fund manager that he recuse himself from the case.