Insider trading case yields two convictions
BY AP Wire Service
Tuesday, December 18, 2012
12/18/12 at 6:52 AM
NEW YORK (AP) - Two former hedge fund managers were convicted Monday of insider trading charges, including allegations that one of them had made as much as $50 million on a tip about Dell earnings.
Todd Newman and Anthony Chiasson were convicted in federal court in Manhattan after a five-week trial that included testimony from two analysts for the men. The jury reached its verdict after two days of deliberations.
Newman, of Needham, Mass., is a former portfolio manager with Stamford, Conn.-based Diamondback Capital Management who had been accused of making about $2.8 million from illegal tips.
Chiasson, of Manhattan, is a co-founder of Greenwich, Conn.-based Level Global Investors. The government said he earned about $50 million illegally by trading on a tip received about Dell Inc. stock in 2008.
Sentencing was set for April 19 for both men. Defense lawyers said they would appeal the verdict.
Original Print Headline: Insider overview: Ex-hedge fund heads convicted of insider trading
