FBI Investigate: Diamond Captial Managment, Level Global Investor
FBI Insider Trading Investigation Into Diamond Capital Management And Level Global Investor
The FBI raided the offices of hedge companies Diamond Capital Management LLC and Level Global Investor LP the Wall Street Journal is reporting.
Both hedge funds are run by former managers of Steve Cohen's SAC Capital Advisors. Level Global Investors LP is a Greenwich, Conn., hedge-fund firm run by David Ganek, a former SAC Capital trader and art collector. He started Level Global in 2003 and earlier this year reported managing about $4 billion in assets.
Diamondback Capital Management LLC is based in Stamford, Conn., and was started in 2005. It oversees more than $5 billion in assets, according to SEC filings.
Details are still sketchy with the FBI only saying it has executed the search warrants and the hedge fund companies saying they are co-operating with the FBI.
The Wall Street Journal says the insider trading investigation into Diamond Capital Management and Level Global Investor may well eclipse other high profile insider trading cases