Ex-hedge fund boss seeks leniency at NY sentencingBy LARRY NEUMEISTER , Associated Press
Apr. 30, 2013 6:17 PM ET
NEW YORK (AP) — A former hedge fund manager convicted of insider trading charges for making as much as $50 million on a tip about Dell earnings asked for leniency Tuesday from the judge who will sentence him in two weeks.
Lawyers for Anthony Chiasson said he made less than a half-million dollars after expenses from illegal trades, although the government has said he earned tens of millions of dollars on a tip received about Dell Inc. stock in 2008.
The government will submit a response to the defense filing in U.S. District Court in Manhattan before the May 13 sentencing.
Chiasson, of Manhattan, is the founder of Greenwich, Conn.-based Level Global Investors. He was convicted last year. At trial, he and a co-defendant insisted that the trades were based on legitimate research.
When the charges were first announced, prosecutors said the Dell trades represented the largest insider trading transaction ever prosecuted in Manhattan.
In written arguments, Chiasson's lawyers said the high number the government placed on his profits would call for a sentence of more than 12 years in prison. They said the actual federal sentencing guidelines should be half that and he should get even less time in prison because of his many good deeds and contributions to society before his arrest.
"The proceeds of the questioned trades went to Level Global's investors, not to Mr. Chiasson personally," the lawyers wrote.
They said Chiasson, a former altar boy who became a philanthropist while was raising two children, received no more than $478,700.