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FBI Raids 3 Hedge Fund Offices

Posted: Nov 22, 2010

The FBI conducted raids on three hedge funds today, in connection with its massive investigation on insider trading on Wall Street.

A quick rundown of hedge funds involved:

Diamondback Capital Management

This fund is run by managers Larry Sapanski and Richard Schimel, both formerly of SAC Capital. The fund has $5.3 billion in assets under management. Diamondback currently owns—or once owned—HGSI a genomics-based pharmaceutical company that was involved in an insider trading case, resulting in the arrest of a doctor earlier this month. A third cofounder Chad Loweth, left earlier this month, at about the time it's believed the current investigation against Diamondback began to ramp up. (Ownership in HGSI according to official SEC documents, made available by Business Insider.) According to their Bloomberg profile , Diamondback invests in equities globally, including emerging markets.

Two others raided were Level Global Investors, Loch Capital Management. Both are run by former managers of SAC Capital Advisors.

More here:

http://www.cnbc.com/id/40320561

The Wall Street Journal reports "Firms that are involved in aspects of the investigation include Goldman Sachs Group Inc. /quotes/comstock/13*!gs/quotes/nls/gs (GS 160.56, -0.50, -0.31%) , Ziff Brothers, Jana Partners, TPG-Axon Capital Management, Jennison Associates, part of Prudential Financial /quotes/comstock/13*!pru/quotes/nls/pru (PRU 52.76, -0.10, -0.19%) , UBS AG’s /quotes/comstock/13*!ubs/quotes/nls/ubs (UBS 16.27, -0.07, -0.40%) UBS Financial Services Inc. and Deutsche Bank AG /quotes/comstock/13*!db/quotes/nls/db (DB 54.17,

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Any comparison to Martha Stewart would be bizarre - just saying

[ In Reply To ..]
These are the big guys and if guilty, they should put them in jail and throw away the keys.

Bloomberg has a lot more on the raids - Backwards Typist

[ In Reply To ..]

It gives the background of each company and explains how many holdings each company has and also how another company, FourPoint Partners, is closing down their health-care hedge funds.

http://www.bloomberg.com/news/2010-11-22/diamondback-capital-s-offices-in-connecticut-searched-by-fbi-agency-says.html

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