2 hedge fund companies raided in insider-trading probe

GREENWICH - A federal official says the FBI raided the offices of two southwestern Connecticut-based hedge funds today as part of a broader insider-trading probe.

One of the firms, Greenwich-based Level Global Investors, confirmed that federal authorities searched its offices this morning.

The other firm, Diamondback Capital Management in Stamford, would not discuss any possible investigation.

The Wall Street Journal says authorities are looking into whether the funds earned millions of dollars in illegal profits using secret information.

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