Wednesday, November 30, 2022 | Back issues
Courthouse News Service Courthouse News Service

Hedge Fund Must Pay $9 Million

MANHATTAN (CN) - The Diamondback Capital Management hedge fund will pay more than $9 million to settle insider trading charges from the SEC, and entered a nonprosecution agreement with federal prosecutors.

The settlements resolve accusations of insider trading by the Stamford, Conn.-based hedge fund in shares of Dell and Nvidia in 2008 and 2009.

The SEC Diamondback, Level Global Investors, of Greenwich, Conn., and seven insiders: Spyridon Adonakis, Anthony Chiasson, Sandeep Goyal, Jon Horvath, Danny Kuo, Todd Newman, and Jesse Tortora.

Diamondback will pay $6 million in ill-gotten gains and a $3 million civil penalty. And it also had to promise not to do such a thing again.

Read the Top 8

Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.

Loading
Loading...