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Eugene

(61,592 posts)
Mon May 13, 2013, 05:37 PM May 2013

Hedge 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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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
Only because he stole from Wall St Fat Cats FreakinDJ May 2013 #1
Not enough, but it IS prison. mbperrin May 2013 #2
Meanwhile, an 83 year old nun pscot May 2013 #3
 

FreakinDJ

(17,644 posts)
1. Only because he stole from Wall St Fat Cats
Mon May 13, 2013, 06:27 PM
May 2013

If he stole from the Working Class it would'nt have been

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