The sentencing of ex-Level Global Investors LP analyst Spyridon “Sam” Adondakis was delayed because his “cooperation is ongoing” in the government’s prosecution of insider-trading cases.
The government has identified Adondakis, who worked for Level Global co-founder Anthony Chiasson, as a potential witness against Michael Steinberg, an SAC Capital Advisors LP portfolio manager who pleaded not guilty to insider trading and goes on trial in November.
Assistant U.S. Attorney Antonia Apps asked U.S. District Judge John Keenan in Manhattan for a six-month postponement of Adondakis’s sentencing, which was scheduled for Sept. 18. “The defendant’s cooperation is ongoing,” Apps said in a Sept. 1 letter.
Keenan granted the request and rescheduled the sentencing for March 19.
Adondakis testified for the U.S. at Chiasson’s trial last year. He told a federal court jury in New York that he was in a group of hedge fund analysts and portfolio managers who swapped nonpublic information about technology companies, earning at least $72 million in illicit profits.
Steinberg, an employee at SAC’s Sigma Capital Management unit, is the longest-serving SAC official to be charged with insider trading by prosecutors in the office of Manhattan U.S. Attorney Preet Bharara. He was indicted in March and prosecutors said he was one manager who received Adondakis’s illicit tips. He is scheduled to go to trial Nov. 14.
Chiasson was convicted and sentenced to serve 6 1/2 years in prison. He remains free pending an appeal. Bharara’s office in July indicted SAC for insider trading and filed a money-laundering suit alleging that the Stamford, Connecticut-based fund laundered illicit profits. Those cases are also pending.
The case is U.S. v. Adondakis, 11-cr-360, U.S. District Court, Southern District of New York (Manhattan).