In January 2012, the SEC filed insider trading charges against Level Global, the firm’s co-founder Anthony Chiasson, a former analyst Spyridon Adondakis, and six other defendants, including five investment professionals and the hedge fund advisory firm Diamondback Capital Management.
The SEC’s complaint, filed in federal court in Manhattan, alleged that Adondakis was a member of a group of closely associated hedge fund analysts who illegally obtained highly sensitive information regarding the financial performance of Dell and Nvidia before this information was made public.
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According to the SEC, during 2008 and 2009, Adondakis passed the information on to Chiasson, who used it to execute trades on behalf of hedge funds managed by Level Global and reap millions of dollars in illegal profits.
"The insider trading at Level Global was hardly an isolated event – it occurred repeatedly, and involved multiple companies and multiple quarterly announcements," said Sanjay Wadhwa, senior associate director of the SEC’s New York Regional Office. "This settlement serves as another reminder that the SEC will hold hedge fund managers accountable when their employees violate the securities laws."
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