A lawyer for Level Global Investors LP co-founder Anthony Chiasson told jurors the key government informant against his client is a liar whose testimony wasn’t supported by the evidence at the insider-trading trial.
Bloomberg reports that Reid Weingarten, the attorney, said Spyridon 'Sam' Adondakis, who once served as an analyst for Chiasson, lied to the fund manager, hid the fact that he was giving the portfolio manager nonpublic information, and continued to lie on the witness stand when he testified for the prosecution.
'Sam Adondakis is a liar', Weingarten said Wednesday in his closing arguments. 'Sam Adondakis will lie when it is in his interest. No doubt. You can’t get around that'.
Chiasson is on trial with former Diamondback Capital Management LLC portfolio manager Todd Newman. They are accused of reaping more than $70m on trades based on illicit tips provided by analysts who worked for them. Both pleaded not guilty.
Adondakis testified he was part of a group of friends who were hedge fund analysts. They obtained nonpublic information from insiders at technology companies including Dell Inc. (DELL) andNvidia Corp. (NVDA) He said he passed the illegal tips to Chiasson, who traded on them.
He and five others who were part of the scheme have pleaded guilty, including his friend, Jesse Tortora, who was Newman’s analyst at Diamondback.
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