Hedge fund manager sentenced in Dell insider trading case

Todd Newman is sentenced to 54 months in prison on securities fraud charges

By , IDG News Service |  IT Management

Newman also obtained inside information concerning Nvidia's earnings, during multiple quarters, from analyst Danny Kuo, who worked at an investment firm in California, the DOJ said. Newman's trading in Nvidia shares made his firm about $73,000 in illegal trading profits for Diamondback Capital. 

Chiasson made about $10 million in illegal profits for Level Global by trading on Nvidia insider information, the DOJ said. 

In addition to the prison term, Newman was also ordered to forfeit $737,724 and to pay a $1 million fine. 

 

Chiasson, of New York, was convicted of one count of conspiracy to commit securities fraud, and five counts of securities fraud. He is scheduled to be sentenced May 13.

Tortora, Goyal, Kuo and Adondakis have pleaded guilty to securities fraud charges and await sentencing.

 

Grant Gross covers technology and telecom policy in the U.S. government for The IDG News Service. Follow Grant on Twitter at GrantGross. Grant's e-mail address is grant_gross@idg.com.

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