Hedge Fund Shuts Doors After FBI Raid

Law360, New York (February 14, 2011, 4:19 PM EST) -- Level Global Investors LP, one of the hedge funds raided by the FBI in connection with a growing insider trading investigation, has decided to shut down due to what it described as a continuing cloud of uncertainty.

Firm co-founder David Ganek sent a letter to investors Friday saying Level Global was not a target of the government's investigation, nor are there allegations that it engaged in any misconduct.

“Nevertheless, the government has commenced what may be a lengthy inquiry with no set timeline,” Ganek said. “This...
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