Sunday, 24 July 2016
Last updated 1 day ago
Jan 3 2011 | 4:21am ET
The California woman arrested as part of the Justice Department’s wide-ranging insider-trading investigation welcomed the new year from behind bars after failing to post bail.
A federal judge in San Francisco had set Winifred Jiau’s bail at $250,000. But the former Primary Global Research expert consultant, accused of passing confidential information to three hedge funds, couldn’t come up with the money and was sent to jail.
Jiau will be back in court on Monday. The dual U.S.-Taiwanese citizen has surrendered her passports.
According to prosecutors, Jiau offered “on point and accurate” information about Marvell Technology Group and Nvidia to two hedge fund traders, one of whom worked at two different hedge funds. She was allegedly paid $200,000 for the information through Primary Global.
Jiau is the seventh person charged in the insider-trading case, all either employees or consultants for Primary Global. She faces conspiracy to commit securities fraud and securities fraud, and more than 20 years in prison if convicted.