A former portfolio manager at the now defunct Diamondback Capital Management has been sentenced to 54 months in prison for crimes related to a multimillion dollar insider trading scheme involving computer maker Dell and hardware maker Nvidia.
Todd Newman was sentenced Thursday in U.S. District Court for the Southern District of New York. Newman and co-defendant Anthony Chiasson, a former portfolio manager and co-founder of Level Global Investors, were convicted of securities fraud charges in December, following a six-week jury trial. Newman was convicted of one count of conspiracy to commit securities fraud, and four counts of securities fraud.
“With today’s sentence, Todd Newman becomes the first member of this corrupt circle of friends to be punished for his conduct,” U.S. Attorney Preet Bharara said in a statement. “Efforts to cheat the market by gaining an illegal edge ultimately lead to a loss of one’s liberty, as it did for Todd Newman today.”
Operators of Diamondback, which closed in December are also seeking restitution from Newman, saying the company was a victim of his insider-trading scheme.
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