Seven hedge fund portfolio managers and analysts have been charged in a $61.8m insider trading scheme as US authorities escalate their crackdown on Wall Street corruption.
Agents with the Federal Bureau of Investigation arrested three hedge fund managers in New York, Boston and Los Angeles yesterday morning. They were Jon Horvath from SAC Capital’s New York division Sigma Capital Management, Todd Newman formerly of Diamondback Capital Management, and Danny Kuo from Whittier Trust, a California fund manager.
Anthony Chiasson, co-founder of Level Global and a former employee of SAC, surrendered to authorities. The men, charged with conspiracy and securities fraud, face up to 20 years in prison if convicted.
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