Tuesday, November 23, 2010

Hedge Funds - Two major hedge funds raided by FBI today

The offices of Level Global Investors LP and Diamondback Capital Management LLC, hedge funds founded by alumnus of SAC Capital Advisors LLC, were searched by Federal Bureau of Investigation agents.

The FBI said it had searched the offices of both firms. Federal law enforcement agents also executed a search warrant at the offices of Boston-based Loch Capital Management, according to a person familiar with the probe who declined to be identified because the matter isn't public.

Steve Bruce, a spokesman for Stamford, Connecticut-based Diamondback, declined to comment. Andy Merrill, a spokesman for Level Global, based in Greenwich, confirmed the FBI had searched the hedge fund's offices.

"We are cooperating fully with the authorities," Merrill said in an e-mailed statement.

Finally some action.. but there are still much bigger fish to fry

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