Wednesday, 4 May 2016
Last updated 12 hours ago
Apr 1 2011 | 12:50pm ET
The only one of the dozen people charged in the Justice Department's ongoing insider-trading probe still in jail will remain there. Winifred Jiau has withdrawn her bail application after the judge in the case said he'd almost certainly reject it.
Jiau, a former consultant for expert-network Primary Global Research, has been jailed since her arrest in December. Prosecutors say the dual U.S.-Taiwanese citizen is a flight risk, noting that she had $20,000 in cash, luggage packed and her car running at her California home when the Federal Bureau of Investigation arrived to arrest her. She was initially granted $500,000 bail—which she was unable to meet.
But last month, prosecutors presented evidence that Jiau's former lover had hidden some of her assets—including the $20,000 hidden at her home—and that she had discussed fleeing in coded conversations. Her bail was revoked.
And revoked it will stay: U.S. District Judge Jed Rakoff, following a bail hearing earlier this week, said he was "unlikely" to approve any bail terms for a woman he termed "a substantial flight risk."
Jiau is accused of passing confidential information about at least two companies to a pair of hedge fund employees, including former SAC Capital Advisors portfolio manager Noah Freeman, who has pleaded guilty in the case. Jiau pleaded not guilty in February.