Convicted Hedge Fund Head's $5M Fine Too High, Judge Says

Law360, New York (July 1, 2013, 4:39 PM EDT) -- A New York federal judge on Friday ruled that a $5 million fine he imposed on former hedge fund manager Anthony Chiasson for insider trading was levied in error, finding the conviction only justifies a fine of no more than $1.25 million.

U.S. District Judge Richard J. Sullivan said that pursuant to the Second Circuit’s decision in U.S. v. Pfaff, unless a jury makes specific findings as to the monetary gain or loss caused by a defendant’s conduct, the maximum fine a court may impose is...
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