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Level Global Hedge Fund to Close After FBI Raid

Level Global Investors LP, among the hedge funds raided by the FBI in November as part of a federal insider-trading probe, decided to close and return cash to clients, according to a letter sent to investors.

David Ganek, 47, who founded the $4 billion fund in 2003 with Anthony Chiasson, 37, after they both left SAC Capital Advisors LLC, said he expects the firm to sell all of its holdings by the end of March.