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United States v. Newman
Citation:773 F.3d 438 (2d Cir. 2014).
Newman was a portfolio manager for Diamondback Capital Management, LLC and Chiasson was a portfolio manager at Level Global Investors, L.P. Both received information regarding Dell and NVIDIA earnings prior to the numbers being publicly released in May 2008 and August 2008, earning approximately $4 million and $68 million in profits for their funds. This information had been disseminated to them via tipping chains.
The Dell tipping chain began with Rob Ray of the investor relations department providing information on Dell’s consolidated earnings to Sandy Goyal, an analyst at Neuberger Berman. Goyal, in turn, provided this information to Diamondback’s analyst, Jesse Tortora, who relayed the information to Newman and a Level Global analyst, Adondakis, among others. Adondakis passed this information on to Chiasson.
The NVIDIA tipping chain began with Chris Choi of its finance unit tipping information to Hyung Lim, a church friend. Lim passed the information on to Danny Kuo, an analyst at Whittier Trust, who then circulated the information among his analyst friends, including Tortora and Adondakis. The analysts then passed on the information to Newman and Chiasson.
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