Level Global paying $21.5M in SEC settlement

Hedge fund Level Global paying $21.5 million to settle SEC insider-trading charges

Associated Press

WASHINGTON (AP) -- Level Global Investors, a hedge fund with a co-founder convicted of criminal insider trading, will pay $21.5 million to settle related civil charges.

The Securities and Exchange Commission announced the settlement Monday with Level Global over charges that co-founder Anthony Chiasson and a former firm analyst Spyridon "Sam" Adondakis illegally used confidential information to trade in Dell and Nvidia stock. Level Global, based in Greenwich, Conn., neither admitted nor denied the allegations.

The SEC said insider trading at Level Global occurred repeatedly in 2008 and 2009. The agency filed civil charges in January 2012 against the firm, Chiasson, Adondakis and six other defendants.

Chiasson was convicted of insider trading in December. Adondakis pleaded guilty to related criminal charges in April 2011. He settled the SEC charges.

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