Three Insider-Trader Suspects In Manhattan; Newest Denied Bail

Jan 4 2011 | 1:58pm ET

Three of the seven people charged in the Justice Department's ongoing insider-trading investigation made their debuts in Manhattan federal court today, as another of their co-defendants was ordered held in prison.

James Fleischman, Walter Shimoon and Anthony Longoria made their initial appearances before U.S. Magistrate Judge James Francis this afternoon. All three are accused of fraud and conspiracy and face up to 20 years in prison.

Fleischman, a sales executive at expert-network firm Primary Global Research, and Walter Shimoon, formerly of Flextronics International, had their cases transferred to New York from California. Anthony Longoria, formerly of Advanced Micro Devices, had his case transferred from Texas. Shimoon and Longoria both served as consultants from Primary Global.

None of the three has entered a plea in the case, although at his first hearing in Texas, Longoria said he wouldn't "fight" the charges. All have been free on bail since soon after their arrests last month.

Not so lucky is the latest person arrested in the case, Winifred Jiau, another former consultant for Primary Global. U.S. Magistrate Judge Bernard Zimmerman in San Francisco agreed with prosecutors that Jiau, a dual U.S.-Taiwanese citizen, was a flight risk. Jiau had previously failed to meet a $250,000 bail requirement.

Jiau is accused of passing on confidential information about two companies to three hedge funds.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.