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By Rob Tricchinelli
Jan. 25 — Level Global Investors Ltd, the fund co-founded by Anthony Chiasson, is asking a federal court to undo the company's $21 million settlement with the SEC in light of a Second Circuit decision that overturned Chiasson's insider trading conviction.
In a Jan. 22 pleading, Level Global's attorney Thomas F. Munno of Dechert LLP in New York said the Securities and Exchange Commission “will not oppose” the effort to vacate the May 2013 settlement, in which Level Global agreed to pay disgorgement and a civil penalty.
After the Second Circuit's December 2014 decision in United States v. Newman, the U.S. District Court for the Southern District of New York also dismissed the SEC's civil case against Chiasson and Level Global employee Spyridon Adondakis, who worked for Chiasson (202 SLD, 10/20/15).
Level Global settled the SEC's allegations in the same suit (83 SLD, 4/30/13), but the entire civil case was thrown into doubt after the Second Circuit overturned the criminal insider trading convictions of Chiasson and fund manager Todd Newman (238 SLD, 12/11/14).
The U.S. Supreme Court declined to review that case but recently agreed to take up an insider trading case out of the Ninth Circuit dealing with whether prosecutors must show that insiders passed on information in exchange for a concrete benefit (12 SLD, 1/20/16).
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