Kicking off action on a vast government investigation into insider trading, the FBI raided the offices of two hedge funds run by former managers of Steve Cohen’s SAC Capital, the Journal is reporting. Diamondback Capital Management LLC and Level Global Investors LP (now called Level Management LP). The hedge funds, according to their latest securities disclosures, have major portions of their funds in El Paso Corp., J.P. Morgan Chase, Citigroup and PPL Corp. (Diamondback); big holdings for Level include Virgin Media, Monstanto, Apple, Sina Corp and Oracle.
Diamondback’s market positions are valued at about $4.4 billion, according to LionShares, while Level’s holdings are valued at about $3.5 billion.
Read Diamondback’s securities holdings here, and those of Level here.
The raid follow a Journal scoop over the weekend that detailed a wide-ranging insider-trading probe that may be the large such case in years. The investigation is looking into consultants, hedge funds, bankers and mutual-fund traders.
