Saturday, November 27, 2010

Level Global, Diamondback Capital, and Loch Capital raided by Feds

As part of an insider trading probe, Federal investigators have recently raided the offices of several hedge fund managers, including Level Global Investors, Diamondback Capital Management and Loch Capital Management LLC. According to the Wall Street Journal, the authorities had warrants but the investigations are still ongoing.

Diamondback Capital is led by Larry Sapanski and Level Global Investors is led by David Ganek and Anthony Chiasson, all of whom were previously senior portfolio managers at Steven A. Cohen’s SAC Capital Advisors. No reports have indicated SAC Capital's potential involvement, but the firm has been subpoenaed.

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