Wednesday, 2 September 2015
Last updated 8 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 Winifred Jiau has withdrawn her bail application after the judge in the case said he'd almost certainly reject it.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 Her bail was revoked.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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…