Consultant To Hedge Fund Talks Guilty Plea In Insider Case

Mar 1 2011 | 5:26am ET

One of expert-network firm Primary Global Research’s one-time top consultants is in talks with prosecutors about a plea agreement.

Mark Longoria was one of the first six people arrested and charged in the case. If he pleads guilty, he’ll be the fifth person—of the dozen charged in the case—to do so.

Longoria was a supply chain manager at Advanced Micro Devices, moonlighting as a consultant for Primary Global. He was one of that firm’s most highly sought-after experts. Among the hedge funds he worked with were Spherix Capital, whose founders have pleaded guilty in the Galleon Group insider-trading case, and Barai Capital Management, whose founder has been charged with insider-trading and whose analyst, Noah Freeman, has pleaded guilty.

“We are in plea negotiations,” Longoria’s lawyer, Jonathan Marks, said.

A plea by Longoria would not be much of a surprise: At his first court appearance after his arrest in December, he told the presiding judge, “I’m not trying to fight this.”

Prosecutors have until Monday to indict Longoria, get an extension or offer his guilty plea. They also face that deadline with Walter Shimoon, another former Primary Global consultant arrested in the case. Shimoon’s lawyer said the situation was “fluid.”

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