NEW YORK, N.Y. – A former hedge fund manager convicted of insider trading charges for making as much as $50 million on a tip about Dell earnings is seeking leniency at a New York sentencing.
Lawyers for Manhattan resident Anthony Chiasson (chee-AY’-suhn) say he made less than a half-million dollars from illegal trades. The government has said he earned more than $50 million on a tip received about Dell Inc. stock in 2008.
The defence arguments were submitted to the sentencing judge Tuesday. The government will file a response. Sentencing is set for May 13.
Chiasson is the founder of Greenwich, Conn.-based Level Global Investors. He was convicted last year.
When the charges were first announced, prosecutors said the Dell trades represented the largest insider trading transaction ever prosecuted in Manhattan.