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Feds Raid 2 Connecticut Hedge Funds

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WASHINGTON (AP) – A law enforcement official says the Federal Bureau of Investigation has raided two hedge funds linked to a broader insider-trading probe.

The official says bureau employees searched the offices of Level Global Investors LP, of Greenwich, Conn., and Diamondback Capital Management LLC, of Stamford, Conn. The law enforcement official spoke on condition of anonymity because he was not authorized to discuss an ongoing case.

FBI spokesman James Margolin confirmed that the raids took place. He would not comment further.

The Wall Street Journal reports that the FBI and other law enforcement agencies are investigating insider trading by hedge funds, mutual funds and investment bankers.

A spokesman for Level Global confirmed that FBI searched the firm’s offices. A Diamondback executive declined to comment.

(Copyright 2010 by The Associated Press.  All Rights Reserved.)

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