Level Global Investors, a hedge fund raided by U.S. agents in November, along with Barai Capital Management, is winding down its operations. The NY and Conn based fund managing roughly $3 billion said in a letter that it would liquidate the funds and return its case to investors. “The government has commenced what may be a lengthy inquiry with no set timeline. The process, even when it leads to the positive outcome that counsel expects, nonetheless threatens to undermine our ability to meet our fiduciary responsibility to our investors,” said fund co-founder David Ganek in a letter to investors. Level Global, Diamondback Capital Management, Loch Capital Management and Barai Capital Management were raided by federal agents in November. Sam Barai was arrested and charged with insider trading on Tuesday and his fund has shut down.