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Level Global Investors, a $3 billion Greeniwch hedge fund that was raided by the FBI in November, is closing down, the New York Post reports.
Level Global has not been charged but the FBI's insider trading probe has forced it to shut its New York and Greenwich offices. "Unfortunately, the on-going Government investigation presents significant challenges to maintaining our collective focus," Level Global co-founder David Ganek said in a letter to investors obtained by the New York Post.
Ganek, who started Level in 2003, owns a large art collection. Hes a major investor in the photographs of Diane Arbus and the works of Richard Prince, who makes artwork out of collected items.
Diamondback Capital Management, at One Landmark Square in Stamford, was raided the same day as Level Global. Clients of Diamondback Capital, a $5.8 billion fund, are seeking to withdraw 12.3 percent of the firm's assets, or $722 million, for the end of March, Bloomberg.com reports.
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