Ex-hedge fund bosses convicted in NY trading case

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Associated Press

Posted on December 17, 2012 at 6:34 PM

Updated Monday, Dec 17 at 7:00 PM

NEW YORK (AP) — A New York jury has found two former hedge fund managers guilty of insider trading charges.

The verdict was returned late Monday against Todd Newman and Anthony Chiasson (kee-AY'-sohn).

Newman is a former Diamondback Capital Management portfolio manager from Needham, Mass. The government had accused him of making about $2.8 million from illegal tips.

Chiasson is a co-founder of hedge fund Level Global Investors. The government says he earned about $50 million illegally by trading on a tip received about Dell Inc. stock in 2008.

The men denied insider trading. They say they believed they were getting information honestly.

The monthlong trial is part of the government's five-year crackdown on insider trading.

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