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Level Global Investors' Chiasson Gets 6½ Years in Prison

Monday, 13 May 2013 | 1:20 PM ET
Anthony Chiasson
Jin Lee | Bloomberg | Getty Images
Anthony Chiasson

Hedge Fund Level Global Investors co-founder Anthony Chiasson was sentenced to 6½ years in prison on Monday for insider trading.

At a hearing in Manhattan, U.S. District Judge Richard Sullivan also ordered Chiasson, 39, to pay a $5 million fine.

Chiasson and Todd Newman, a former hedge fund portfolio manager with the now-defunct hedge fund Diamondback Capital Management, were convicted of conspiracy to commit securities fraud and of securities fraud in December.

Sullivan sentenced Newman to 4½ years in prison earlier this month. Federal prosecutors had requested that Chiasson serve up to 10 years in prison.

The two were accused of using inside information to trade in shares of Dell and chip maker Nvidia. Level Global made $68 million in illegal profits from the trades, according to prosecutors.

_ By Reuters

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