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

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note