Legal News

Level Global’s Chiasson May Get 10 Years for Inside Trading
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Former SAC Capital employees continue to be found guilty of insider trading, as when in December Anthony Chiasson was convicted of securities fraud and conspiracy. Sentencing is coming up, and federal prosecutors want as much as 10 years for the man. In fact, Chiasson is being threatened with 97 to 121 months behind bar; sentencing will be on May 13 by U.S. District Judge Richard Sullivan.

That, at least, is shorter than the pre-sentence report a probation officer made for 10 to 12-1/12 years, according to Reuters.

  
What
Where


Chiasson was charged after his hedge fund firm, Level Global Investors LP, was raided by the FBI and found to be not exactly on the level. The office closed up shortly after that, and seven people were charged with conspiracy. They were using inside information from Dell, and at one point Chiasson used inside information to bet against Dell and procure in a single trade more than $50 million dollars.

5 of the 7 conspirators confessed, leaving Chiasson as one of the two to maintain his innocence, his former employee, research analyst Spyridon “Sam” Adondakis gave the most damning testimony against his boss, without which the case perhaps could not have been given a guilty verdict. There wasn’t much as far as wire tapping to use as evidence, only a scattered bit of texting and emails – the conspiracy was tight and didn’t leave any smoking guns.

“With today’s guilty verdicts, Todd Newman [the other conspirator who pled innocent] and Anthony Chiasson join the ranks of high-level investment fund managers who are being made to answer for their extraordinary bad risk-reward analysis about what is right and what is is wrong,” said Preet Bharara, the United States attorney in Manhattan, as reported by Dealb%k.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Chiasson’s lawyers meanwhile are hoping the sentence will be lenient on the grounds that he has a wife and two children, and also was philanthropic with his money.





 

RELEVANT JOBS

Associate Attorney

USA-CO-Denver

DTC based firm is looking to add an additional associate to join our growing practice. The associate...

Apply now

Associate Attorney

USA-KS-Newton

Gillmore & Wilson: Attorneys at Law Job-type: Full-time Title: Associate Attorney Gillmore ...

Apply now

Family law attorney Westlake Village

USA-CA-Westlake Village

ZFLG is a boutique family law firm serving LA and Ventura Counties. We want to hire an experien...

Apply now

Estate Administration / Probate Paralegal

USA-PA-Philadelphia

I am looking for a part-time paralegal or legal assistant who is experienced, adept and proficient w...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Senior Wealth Management Group Associate Attorney

USA-CA-San Diego

San Diego office of our client seeks Senior Wealth Management Group Associate Attorney with 9 years ...

Apply Now

Bankruptcy Associate Attorney

USA-CA-Los Angeles

Los Angeles office of a BCG Attorney Search top ranked law firm seeks Bankruptcy Associate Attorney ...

Apply Now

Tax Attorney

USA-FL-Miami

Miami office of our client seeks Tax Attorney with 2 years of experience. The candidate should be li...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top