Sunday, 28 December 2014
Last updated 4 hours ago
Feb 3 2011 | 3:15pm ET
The Securities and Exchange Commission has filed civil charges against six people arrested in the Justice Department's wide-ranging insider-trading probe.
Four former consultants for expert-network firm Primary Global Research and two of the firm's employees are accused of helping hedge funds and other clients earn $6 million in ill-gotten gains by passing on confidential information. In return, according to the lawsuits, Primary Global and the consultants earned hundreds of thousands of dollars in fees.
Daniel DeVore, a former global supply manager at Dell Inc., Winifred Jiau, Mark Longoria, formerly of Advanced Micro Devices, and Walter Shimoon, formerly of Flextronics International, were accused of passing on inside tips. Primary Global's Bob Nguyen and James Fleischman were accused of acting as conduits for the illicit tips.
DeVore and Nguyen have pleaded guilty and are cooperating with the investigation.
"Company executives and other insiders moonlighting as consultants to hedge funds cannot blatantly peddle their company's confidential information for personal gain," SEC enforcement chief Robert Khuzami said. "These PGR consultants and employees schemed to facilitate widespread and repeated insider trading by several hedge funds and other investment professionals."
The SEC is seeking injunctions, disgorgements and fines against the six people sued. It also wants DeVore, Longoria and Shimoon barred from serving as an officer or director of a public company.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.