Hedge Fund Managers Guilty of Insider Trading

Preet Bharara, the U.S. Attorney for the Southern District of New York, announced that Todd Newman, a former portfolio manager at Diamondback Capital Management, LLC ("Diamondback"), and Anthony Chiasson, a former portfolio manager and co-founder of Level Global Investors, LP ("Level Global"), were found guilty today of conspiracy and securities fraud crimes stemming from their involvement in insider trading schemes that netted more than $72 million in illegal profits. Newman and Chiasson executed trades based on material, nonpublic information ("Inside Information") about two publicly traded technology companies, Dell, Inc. ("Dell") and NVIDIA Corporation ("NVIDIA"), which they received from a circle of research analysts at several different investment firms – all of whom have previously pled guilty for their roles in the schemes.