Tuesday, 3 March 2015
Last updated 52 min ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…