Sunday, 14 February 2016
Last updated 1 day ago
Feb 24 2011 | 10:42am ET
Winifed Jiau, the former expert-network consultant and one of a dozen people charged in the U.S. Justice Department's massive insider-trading investigation, has pleaded not guilty.
Jiau, the seventh person arrested in the case, is charged with conspiracy and securities fraud and faces more than 20 years in prison if convicted. She is accused of passing confidential information about at least two companies to two hedge fund employees. One of those men, Noah Freeman, a former portfolio manager at SAC Capital Advisors, Sonar Capital Management and Brookside Capital, has already pleaded guilty in the case and is cooperating with prosecutors.
Jiau was arrested in late December and has been jailed since then. She may remain there: Jiau failed to post the $250,000 bail set for her at the time of her arrest, and U.S. District Judge Robert Patterson in New York yesterday raised that figure to more than $500,000.
Prosecutors had argued that Jiau, a dual U.S.-Taiwanese citizen, should be held without bail.
Jiau worked for expert-networking firm Primary Global Research, and is one of eight people with ties to that firm to be arrested or charged in the case.