Subscribe / Unsubscribe Enewsletters | Login | Register

Pencil Banner

Hedge fund manager sentenced in Dell insider trading case

Grant Gross | May 3, 2013
A former portfolio manager at the now defunct Diamondback Capital Management has been sentenced to 54 months in prison for crimes related to a multimillion dollar insider trading scheme involving computer maker Dell and hardware maker Nvidia.

Chiasson made about $10 million in illegal profits for Level Global by trading on Nvidia insider information, the DOJ said. 

In addition to the prison term, Newman was also ordered to forfeit $737,724 and to pay a $1 million fine. 

Chiasson, of New York, was convicted of one count of conspiracy to commit securities fraud, and five counts of securities fraud. He is scheduled to be sentenced May 13.

Tortora, Goyal, Kuo and Adondakis have pleaded guilty to securities fraud charges and await sentencing.

 

Previous Page  1  2 

Sign up for CIO Asia eNewsletters.