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.”


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.