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The SEC Settles Anew With a Hedge Fund

Level Global Investors co-founder Chiasson
Level Global Investors co-founder ChiassonPhotograph by Jin Lee/Bloomberg

The U.S. Securities and Exchange Commission extracted a fresh settlement from a hedge fund on Monday, when Level Global Investors agreed to pay $21.5 million to settle charges that one of its co-founders engaged in insider trading. Fund co-founder Anthony Chiasson was charged by the SEC in January 2012 with illegal trading in Dell and Nvidia.

Former Level Global analyst Spyridon Adondakis ultimately pled guilty and cooperated with the government in the investigation, becoming a star witness in the parallel criminal trial, which ended in December with a guilty verdict against Chiasson and a co-defendant, former Diamondback Capital Management portfolio manager Todd Newman. The SEC’s case against Chiasson is still unfolding.