Susan Pulliam, Jenny Strasburg and Michael Rothfeld, Reporters, The Wall Street Journal

FBI Raids Two Hedge Funds Amid Insider-Trading Case

November 22, 2010 at 9:59 am PT

Federal Bureau of Investigation agents raided the Connecticut offices of hedge funds Diamondback Capital Management LLC and Level Global Investors LP amid a far-reaching insider-trading investigation.

“The FBI is executing court-authorized search warrants in an ongoing investigation,” said Richard Kolko, an FBI spokesman, who declined to comment further.

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.

Read the rest of this post on the original site

Tagged with: David Ganek, David Rothfeld, Diamondback Capital Management, economy, FBI, frontpage, Jenny Strasburg, Level Global Investors, Richard Kolko, SAC Capital Advisors, Steve Choen, Susan Pulliam, The Wall Street Journal

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Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Web Sites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other Web sites, and for clarity’s sake, all outside posts run against a pink background.

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