Hedge Fund Insider Trader Seeks Leniency

Former Diamondback Capital portfolio manager Todd Newman asked a judge for 'leniency' last week when he is sentenced next month as part of a $72m insider-trading conspiracy.

The New York Post reports that Newman, who faces up to 78 months in prison, claims he should receive a much lighter sentence because he pocketed only $442,761 on his trade - just 12% of the $4m the government claims.

Newman was convicted by a Manhattan federal court jury in December, along with hedge fund Level Global co-founder Anthony Chiasson, for illegal trades in computer maker Dell and software firm Nvidia.

In a letter to Judge Richard Sullivan, Newman’s lawyer, Stephen Fishbein, argued that the sentencing guidelines are unfair because prosecutors didn’t consider how much his client earned from the crime.

Hit the link below to access the complete New York Post article:

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