Federal authorities are seeking to arrest Anthony R. Chiasson, co-founder of the Level Global hedge fund, the latest development in the the government’s aggressive investigation of insider trading.

Two others, including hedge fund manager Todd Newman, were arrested on Wednesday morning as part of the case, and the Federal Bureau of Investigation plans to arrest another person later in the day, said a person briefed on the matter.

Federal Bureau of Investigation agents went to Mr. Chiasson’s apartment in Manhattan to arrest him on Wednesday morning but he was not home, the person briefed on the matter said. He is said to be negotiating a surrender for later on Wednesday.

Mr. Chiasson founded Level Global with David Ganek in 2003. Both had previously worked at Steven Cohen’s hedge fund, SAC Capital Advisors.

Level Global shut down last year in the wake of a November 2010 raid by federal agents.

The United States attorney’s office in Manhattan, led by Preet S. Bharara, has won 50 insider trading convictions over the last two years, the most prominent being last year’s conviction of hedge fund titan Raj Rajaratnam.

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