NEW YORK: Two former hedge fund managers reaped a total of $70.8 million in illegal profits by tapping a "corrupt network" of Wall Street analysts, a U.S. prosecutor said at the start of an insider trading trial on Tuesday.
Todd Newman, who was a portfolio manager at Diamondback Capital Management, and Anthony Chiasson, co-founder of Level Global Investors, were charged in January in a sweep dubbed "Operation Perfect Hedge" by the Federal Bureau of Investigation. More than 70 people have been charged in the government's broad probe of Wall Street trading.
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