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NY judge sentences hedge fund founder to 6-plus years in prison for insider trading

The co-founder of a Connecticut hedge fund has been sentenced to 6 1/2 years in prison in connection with insider trading that authorities say brought in nearly $70 million in illegal profit to his firm.

Anthony Chiasson, of Manhattan, was sentenced Monday by U.S. District Judge Richard Sullivan.

The 39-year-old Chiasson was convicted in December of five counts of securities fraud and one count of conspiracy to commit securities fraud.

Prosecutors said Chiasson was part of a group of portfolio managers and analysts who got inside information from employees at publicly traded companies.

In one example, the government said Chiasson earned about $50 million illegally by trading on a tip about Dell Inc. stock in 2008.

Chiasson was with Greenwich, Conn.-based Level Global Investors.