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Related: About this forumHedge Fund Boss Gets 6 1/2 Years in Insider Case
Source: Associated Press
Hedge Fund Boss Gets 6 1/2 Years in Insider Case
NEW YORK May 13, 2013 (AP)
The co-founder of a Connecticut hedge fund who authorities said made his firm nearly $70 million in illegal profit through insider trading was sentenced Monday to 6 1/2 years in prison.
Anthony Chiasson, 39, of Manhattan, had been convicted in December of five counts of securities fraud and one count of conspiracy to commit securities fraud. U.S. District Judge Richard Sullivan also ordered him to pay a $5 million fine.
Prosecutors said Chiasson was part of a group of portfolio managers and analysts who got inside information from employees at publicly traded companies. In one example, the government said Chiasson earned more than $58 million for Greenwich, Conn.-based Level Global Investors illegally by trading on tips received about Dell Inc. stock in 2008. A tip from another firm in 2009 brought in about $10 million in illegal profits.
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Chiasson was convicted in December along with Todd Newman, 48, of Needham, Mass., a former hedge fund manager at Stamford, Conn.-based Diamondback Capital Management. He was sentenced to 4 1/2 years in prison earlier this month.
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NEW YORK May 13, 2013 (AP)
The co-founder of a Connecticut hedge fund who authorities said made his firm nearly $70 million in illegal profit through insider trading was sentenced Monday to 6 1/2 years in prison.
Anthony Chiasson, 39, of Manhattan, had been convicted in December of five counts of securities fraud and one count of conspiracy to commit securities fraud. U.S. District Judge Richard Sullivan also ordered him to pay a $5 million fine.
Prosecutors said Chiasson was part of a group of portfolio managers and analysts who got inside information from employees at publicly traded companies. In one example, the government said Chiasson earned more than $58 million for Greenwich, Conn.-based Level Global Investors illegally by trading on tips received about Dell Inc. stock in 2008. A tip from another firm in 2009 brought in about $10 million in illegal profits.
[font size=1]-snip-[/font]
Chiasson was convicted in December along with Todd Newman, 48, of Needham, Mass., a former hedge fund manager at Stamford, Conn.-based Diamondback Capital Management. He was sentenced to 4 1/2 years in prison earlier this month.
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Read more: http://abcnews.go.com/US/wireStory/hedge-fund-boss-12-years-insider-case-19170961
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Hedge Fund Boss Gets 6 1/2 Years in Insider Case (Original Post)
Eugene
May 2013
OP
FreakinDJ
(17,644 posts)1. Only because he stole from Wall St Fat Cats
If he stole from the Working Class it would'nt have been
mbperrin
(7,672 posts)2. Not enough, but it IS prison.
Good.
pscot
(21,024 posts)3. Meanwhile, an 83 year old nun
gets 20 for trespassing.