Former Level Global Investors LP fund manager Anthony Chiasson on Monday was sentenced to 6-1/2 years in prison for insider trading, a penalty that the judge in the case said was intended to deter others in the financial industry from similar conduct.

U.S. District Judge Richard Sullivan also ordered the former hedge fund manager to pay a $5m fine. Sullivan said that Chiasson, who is married with two young children, was "a good man, a decent man," but he cited deterrence as a reason to send him to prison.