An analyst with Neuberger Berman [profile]
could face charges this month as part of a continuing federal investigation on insider-trading.
The Wall Street Journal reports
that by mid-December investigators expect to file
charges against the Neuberger analyst, Fayad Abbasi
, and traders who were with hedge funds Diamondback Capital Management
and Level Global
"Any charges would for the first time extend that investigation to well-known hedge funds on Wall Street as well as an established mutual-fund company that manages
money for individual investors -- and not just the well-heeled," the WSJ notes.
Fundsters may recall that the probe within the past year has produced criminal cases mainly involving employees and consultants tied to expert network firm Primary Global Research
Two ex-research analysts at Level Global and Diamondback, Spyridon "Sam" Adondakis
and Jesse Tortora
, have reportedly been cooperating with the probe.
The two "shared stock tips with one another -- and with friends at different investment firms -- and socialized together after going to Diamondback and Level Global, others familiar with the case say," the WSJ reports, adding that Abassi is one of those friends.
A Neuberger Berman spokesperson told the pub that the mutual fund firm was not aware of the probe involving Abbasi.
Meanwhile, the WSJ also reported that FBI agents raided Level Global's office last year and that Level Global co-founder Anthony Chiasson
"is among those against whom investigators are pursuing charges."
Armie Margaret Lee
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