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Chiasson was convicted of [[insider trading]] in December 2012.<ref name="appeal">{{Cite news| url = http://dealbook.nytimes.com/2014/04/22/appeals-court-raises-doubts-about-governments-insider-trading-case/?_php=true&_type=blogs&_r=0 |title=Appeal Judges Hint at Doubts in Insider Case|author= Ben Protess and Matthew Goldstein|publisher=[[The New York Times]] |date =April 22, 2014}}</ref> He appealed his case to the [[US Court of Appeals for the Second Circuit]]. His conviction was overturned and his case dismissed in a unanimous decision by the United States Court of Appeals for the Second Circuit Court of Appeals on December 10, 2014. The Appeals Court said the Government failed to present sufficient evidence that he engaged in insider trading and that the judge misread the law.<ref name="NYT-20141210-BR">{{cite news |last=Protess |first=Ben |last2=Goldstein |first2=Matthew
Chiasson was convicted of [[insider trading]] in December 2012.<ref name="appeal">{{Cite news| url = http://dealbook.nytimes.com/2014/04/22/appeals-court-raises-doubts-about-governments-insider-trading-case/?_php=true&_type=blogs&_r=0 |title=Appeal Judges Hint at Doubts in Insider Case|author= Ben Protess and Matthew Goldstein|publisher=[[The New York Times]] |date =April 22, 2014}}</ref> He appealed his case to the [[US Court of Appeals for the Second Circuit]]. His conviction was overturned and his case dismissed in a unanimous decision by the United States Court of Appeals for the Second Circuit Court of Appeals on December 10, 2014. The Appeals Court said the Government failed to present sufficient evidence that he engaged in insider trading and that the judge misread the law.<ref name="NYT-20141210-BR">{{cite news |last=Protess |first=Ben |last2=Goldstein |first2=Matthew
|title=Appeals Court Overturns 2 Insider Trading Convictions |url=http://dealbook.nytimes.com/2014/12/10/appeals-court-overturns-2-insider-trading-convictions/ |date=December 10, 2014 |work=[[New York Times]] |accessdate=December 10, 2014 }}</ref><ref>{{Cite news| url = http://www.cnbc.com/id/102249787 |title= Insider trading convictions overturned for Newman and Chiasson|author= Everett Rosenfeld|publisher=[[CNBC]] |date = December 10, 2014}}</ref>
|title=Appeals Court Overturns 2 Insider Trading Convictions |url=http://dealbook.nytimes.com/2014/12/10/appeals-court-overturns-2-insider-trading-convictions/ |date=December 10, 2014 |work=[[New York Times]] |accessdate=December 10, 2014 }}</ref><ref>{{Cite news| url = http://www.cnbc.com/id/102249787 |title= Insider trading convictions overturned for Newman and Chiasson|author= Everett Rosenfeld|publisher=[[CNBC]] |date = December 10, 2014}}</ref> U.S. Attorney for the Southern District of New York, [[Preet Bharara]], characterized the legal rationale supporting Mr. Chiasson's unanimous acquittal as "dramatically wrong" and filed a request for reconsideration by the three judge panel that heard the appeal or for a rehearing en banc.<ref name="bloom4">{{Cite news| url = http://www.bloomberg.com/news/articles/2015-01-13/insider-pleas-in-ibm-case-should-stand-u-s-tells-judge-1- |title=Insider Ruling Restricting Prosecutions Wrong, U.S. Says|author=Patricia Hurtado|publisher=[[Bloomberg Business]] |date = January 13, 2015}}</ref> Both requests were denied without comment on April 3, 2015.<ref name="nyt4">{{Cite news| url = http://www.nytimes.com/2015/04/04/business/dealbook/appeals-court-rejects-request-to-rehear-landmark-insider-trading-case.html?_r=1 |title= Court Rejects Bharara’s Plea to Reconsider Insider Trading Ruling |author=Ben Protess and Matthew Goldstein|publisher=[[The New York Times]] |date = April 3, 2015}}</ref><ref name="wsj4">{{Cite news| url = http://www.wsj.com/articles/court-denies-government-request-to-reconsider-insider-trading-decision-1428077927 |title= Court Decision Foils Insider-Trading Cases|author= Aruna Viswanatha|publisher=[[The Wall Street Journal]] |date = April 3, 2015}}</ref>


==Early Life==
==Early Life==
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In early 2012, Federal prosecutors from the U.S Attorney’s Office for the [[Southern District of New York]] alleged that Anthony Chiasson, Todd Newman, a former portfolio manager at Diamondback Capital Management LLC and others, made illegal stock trades based on corporate secrets about [[Dell Inc.]] and [[Nvidia Corporation]].<ref>{{Cite news| url =http://online.wsj.com/news/articles/SB10001424127887324407504578185852126638898 |title=2 More Insider Convictions|author= Dan Strumpf |publisher=[[Wall Street Journal]] |date =December 17, 2012 }}</ref> Chiasson was found guilty of conspiracy and multiple counts of securities fraud on December 17, 2012.<ref name="6yrs"/>
In early 2012, Federal prosecutors from the U.S Attorney’s Office for the [[Southern District of New York]] alleged that Anthony Chiasson, Todd Newman, a former portfolio manager at Diamondback Capital Management LLC and others, made illegal stock trades based on corporate secrets about [[Dell Inc.]] and [[Nvidia Corporation]].<ref>{{Cite news| url =http://online.wsj.com/news/articles/SB10001424127887324407504578185852126638898 |title=2 More Insider Convictions|author= Dan Strumpf |publisher=[[Wall Street Journal]] |date =December 17, 2012 }}</ref> Chiasson was found guilty of conspiracy and multiple counts of securities fraud on December 17, 2012.<ref name="6yrs"/>


On April 22, 2014 The United States Court of Appeals for the Second Circuit, located in Manhattan, heard Chiasson and Newman’s appeal.<ref>{{Cite news| url =http://online.wsj.com/news/articles/SB20001424052702304049904579517732852688344 |title=Insider Cases' Legal Basis Questioned|author=Christopher M. Matthews|publisher=[[Wall Street Journal]] |date =April 23, 2014 }}</ref> On December 10, 2014, the three judge panel, unanimously overturned the convictions of Chiasson and his co-defendant Todd Newman, finding that the government failed to prove they engaged in insider trading.<ref>{{Cite news| url = http://www.bloombergview.com/articles/2014-12-10/appeals-court-not-so-keen-on-insider-trading-crackdown |title= Appeals Court Not So Keen on Insider Trading Crackdown|author= Matt Levine|publisher=[[Bloomberg News]] |date = December 10, 2014}}</ref> This is the first time an appeals court has overturned convictions in connection with the Justice Department’s crackdown on insider trading.<ref>{{Cite news| url = http://mobile.nytimes.com/2014/12/13/opinion/joe-nocera-prosecuting-insider-trading.html?_r=2&referrer |title=Prosecuting Insider Trading|author=Joe Nocera|publisher=[[The New York Times]] |date =December 12, 2014}}</ref> The priority the Department placed on insider trading has been met with criticism by some editorial boards and commentators.<ref>{{Cite news| url = http://www.wsj.com/articles/an-outside-the-law-prosecutor-1418260680|title=An Outside the Law Prosecutor|publisher=[[The Wall Street Journal]] |date = December 10, 2014}}</ref>
On April 22, 2014 The United States Court of Appeals for the Second Circuit, located in Manhattan, heard Chiasson and Newman’s appeal.<ref>{{Cite news| url =http://online.wsj.com/news/articles/SB20001424052702304049904579517732852688344 |title=Insider Cases' Legal Basis Questioned|author=Christopher M. Matthews|publisher=[[Wall Street Journal]] |date =April 23, 2014 }}</ref> On December 10, 2014, the three judge panel, unanimously overturned the convictions of Chiasson and his co-defendant Todd Newman, finding that the government failed to prove they engaged in insider trading.<ref>{{Cite news| url = http://www.bloombergview.com/articles/2014-12-10/appeals-court-not-so-keen-on-insider-trading-crackdown |title= Appeals Court Not So Keen on Insider Trading Crackdown|author= Matt Levine|publisher=[[Bloomberg News]] |date = December 10, 2014}}</ref> This is the first time an appeals court has overturned convictions in connection with the Justice Department’s crackdown on insider trading.<ref>{{Cite news| url = http://mobile.nytimes.com/2014/12/13/opinion/joe-nocera-prosecuting-insider-trading.html?_r=2&referrer |title=Prosecuting Insider Trading|author=Joe Nocera|publisher=[[The New York Times]] |date =December 12, 2014}}</ref> The priority the Department placed on insider trading has been met with criticism by some editorial boards and commentators.<ref>{{Cite news| url = http://www.wsj.com/articles/an-outside-the-law-prosecutor-1418260680|title=An Outside the Law Prosecutor|publisher=[[The Wall Street Journal]] |date = December 10, 2014}}</ref> U.S. Attorney for the Southern District of New York, Preet Bharara, characterized the legal rationale supporting Mr. Chiasson's unanimous acquittal as "dramatically wrong" and filed a request for reconsideration by the three judge panel that heard the appeal or for a rehearing en banc.<ref name="bloom4"/> Both requests were denied without comment on April 3, 2015.<ref name="nyt4"/><ref name="wsj4"/>


==References==
==References==

Revision as of 15:55, 6 April 2015

Anthony Chiasson
BornAugust 27, 1973
Alma materBabson College (B.S.)
OccupationHedge fund manager

Anthony R. Chiasson (born August 27, 1973) is an American hedge fund manager and co-founder of Level Global Investors LP, a Greenwich, Connecticut-based hedge fund management firm.[1][2] Level Global was launched in 2003 with about $500 million in assets under management and grew to $4.2 billion in assets and 75 employees before closing in early 2011.[1][3]

Chiasson was convicted of insider trading in December 2012.[4] He appealed his case to the US Court of Appeals for the Second Circuit. His conviction was overturned and his case dismissed in a unanimous decision by the United States Court of Appeals for the Second Circuit Court of Appeals on December 10, 2014. The Appeals Court said the Government failed to present sufficient evidence that he engaged in insider trading and that the judge misread the law.[5][6] U.S. Attorney for the Southern District of New York, Preet Bharara, characterized the legal rationale supporting Mr. Chiasson's unanimous acquittal as "dramatically wrong" and filed a request for reconsideration by the three judge panel that heard the appeal or for a rehearing en banc.[7] Both requests were denied without comment on April 3, 2015.[8][9]

Early Life

Chiasson grew up in Portland, Maine and attended Cheverus High School.[3] In 1995, Chiasson received a Bachelor of Science degree from Babson College where he graduated Summa Cum Laude.[10] He received the Roger W. Babson Award which is given to the graduating senior who most exemplifies the qualities of scholarship, leadership and involvement in co-curricular activities.[10]

Career

Chiasson began his career on Wall Street at Salomon Brothers in the equity research department, and in 1999, he joined SAC Capital Advisors as a senior technology analyst.[3][1]

Chiasson co-founded Level Global Investors LP in 2003.[1] In 2010, Goldman Sachs’ Petershill Fund bought a minority stake in the business.[11] Level Global had about $500 million in assets under management when it launched and grew to $4.2 billion in assets at its peak.[1] The firm had 75 employees.[1] Level Global’s growth was primarily driven by institutional investors including, New York State Common Retirement Fund, Aetna Inc., and Cornell University.[1][12]

Personal Life & Philanthropy

Chiasson is married and has two children. His family resides in New York City.[10]

Chiasson grew up in Portland, Maine. He previously served on the board of his alma mater, Cheverus High School.[3]

Chiasson also formerly served on the Board of Trustees of Babson College, having been appointed in 2008.[10]

In 2009, Chiasson made a gift to Babson College to fund the Summer Venture Program.[13] This program is an intensive 10-week "boot camp for entrepreneurs" who receive an array of support services and mentoring from professors and local business leaders.[13]

Chiasson also funded a Presidential Scholarship at Babson which was geared towards supporting need-based students from the State of Maine who are committed to pursuing a career in business.[14]

Controversy

In early 2012, Federal prosecutors from the U.S Attorney’s Office for the Southern District of New York alleged that Anthony Chiasson, Todd Newman, a former portfolio manager at Diamondback Capital Management LLC and others, made illegal stock trades based on corporate secrets about Dell Inc. and Nvidia Corporation.[15] Chiasson was found guilty of conspiracy and multiple counts of securities fraud on December 17, 2012.[1]

On April 22, 2014 The United States Court of Appeals for the Second Circuit, located in Manhattan, heard Chiasson and Newman’s appeal.[16] On December 10, 2014, the three judge panel, unanimously overturned the convictions of Chiasson and his co-defendant Todd Newman, finding that the government failed to prove they engaged in insider trading.[17] This is the first time an appeals court has overturned convictions in connection with the Justice Department’s crackdown on insider trading.[18] The priority the Department placed on insider trading has been met with criticism by some editorial boards and commentators.[19] U.S. Attorney for the Southern District of New York, Preet Bharara, characterized the legal rationale supporting Mr. Chiasson's unanimous acquittal as "dramatically wrong" and filed a request for reconsideration by the three judge panel that heard the appeal or for a rehearing en banc.[7] Both requests were denied without comment on April 3, 2015.[8][9]

References

  1. ^ a b c d e f g h Peter Lattman (May 13, 2013). "Ex-Hedge Fund Manager Sentenced in Insider Trading Case". The New York Times.
  2. ^ Azam Ahmed (March 5, 2011). "Raid by F.B.I. Was Fatal Hit To Hedge Fund". The New York Times.
  3. ^ a b c d Saijel Kishan and Katherine Burton (March 4, 2011). "Insider-Trading Probes Send Investors Scurrying Even When No One's Charged". Bloomberg News.
  4. ^ Ben Protess and Matthew Goldstein (April 22, 2014). "Appeal Judges Hint at Doubts in Insider Case". The New York Times.
  5. ^ Protess, Ben; Goldstein, Matthew (December 10, 2014). "Appeals Court Overturns 2 Insider Trading Convictions". New York Times. Retrieved December 10, 2014.
  6. ^ Everett Rosenfeld (December 10, 2014). "Insider trading convictions overturned for Newman and Chiasson". CNBC.
  7. ^ a b Patricia Hurtado (January 13, 2015). "Insider Ruling Restricting Prosecutions Wrong, U.S. Says". Bloomberg Business.
  8. ^ a b Ben Protess and Matthew Goldstein (April 3, 2015). "Court Rejects Bharara's Plea to Reconsider Insider Trading Ruling". The New York Times.
  9. ^ a b Aruna Viswanatha (April 3, 2015). "Court Decision Foils Insider-Trading Cases". The Wall Street Journal.
  10. ^ a b c d Leslie Brudgers (May 13, 2013). "Cheverus grad sentenced to 6 years for Wall Street crime". Portland Press Herald.
  11. ^ Katherine Burton (April 2, 2010). "Goldman Sachs Fund Buys Stake in Ganek's $4 Billion Hedge Fund". Bloomberg News.
  12. ^ Emily Chasan (May 25, 2011). "Level Global Hedge Fund Shutdown After Federal Raid". The Huffington Post.
  13. ^ a b Leonard A. Schlesinger. "Summer Boot Camp". Babson College. Retrieved August 10, 2014.
  14. ^ Patricia Hurtado (May 1, 2013). "Chiasson Seeks Leniency From Court Citing Charitable Work". Bloomberg News.
  15. ^ Dan Strumpf (December 17, 2012). "2 More Insider Convictions". Wall Street Journal.
  16. ^ Christopher M. Matthews (April 23, 2014). "Insider Cases' Legal Basis Questioned". Wall Street Journal.
  17. ^ Matt Levine (December 10, 2014). "Appeals Court Not So Keen on Insider Trading Crackdown". Bloomberg News.
  18. ^ Joe Nocera (December 12, 2014). "Prosecuting Insider Trading". The New York Times.
  19. ^ "An Outside the Law Prosecutor". The Wall Street Journal. December 10, 2014.

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