FBI raids seeking documents from three hedge funds are related to a series of insider trading investigations being directed by the office of Manhattan U.S. Attorney Preet Bharara, according to a person familiar with the probes.
The offices of Level Global Investors LP and Diamondback Capital Management LLC, firms founded by alumni of SAC Capital Advisors LLC, were searched by Federal Bureau of Investigation agents, the FBI said Monday.
Agents also executed a search warrant at the offices of Loch Capital Management, according to another person familiar with the matter. Both declined to be identified because the probes are continuing.
Steve Bruce, a spokesman for Diamondback, declined to comment. Andy Merrill, a spokesman for Level Global, confirmed the FBI had searched the hedge fund's offices. Timothy McSweeney of Loch Capital did not immediately respond to a phone message.
"We are cooperating fully with the authorities," Merrill said in an e-mailed statement. Ellen Davis, a spokeswoman for Bharara, declined to comment.
