Ex-Level Global Manager Cops To $2.5M Insider Trading Plot

Law360, New York (November 15, 2013, 2:13 PM EST) -- A former Level Global Investors LP portfolio manager pled guilty in Georgia federal court on Thursday to earning the now-defunct hedge fund at least $2.5 million by trading shares of children’s clothing firm Carter’s Inc. based on inside tips from a former company executive.

Mark Megalli, 41, copped to one count of conspiracy to commit securities fraud before U.S. District Judge Richard W. Story. As part of the plea agreement, he admitted responsibility for between $2.5 million and $7 million in trading gains and avoided losses....
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