Business

Hedge fund boss gets 6 ½ years in insider case

Anthony Chiasson

Anthony Chiasson

NEW YORK — The cofounder of a Connecticut hedge fund who authorities said made his firm nearly $70 million in illegal profit through insider trading was sentenced Monday to 6½ years in prison.

Anthony Chiasson, 39, of Manhattan, had been convicted in December of five counts of securities fraud and one count of conspiracy to commit securities fraud. US District Judge Richard Sullivan also ordered him to pay a $5 million fine.

Prosecutors said Chiasson was part of a group of portfolio managers and analysts who got inside information from employees at publicly traded companies. In one example, the government said Chiasson earned more than $58 million for Greenwich, Conn.-based Level Global Investors illegally by trading on tips received about Dell Inc. stock in 2008. A tip from another firm in 2009 brought in about $10 million in illegal profits.

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