Monday, 3 August 2015
Last updated 2 days ago
Apr 28 2011 | 10:43am ET
Get ready to add one more guilty plea to the 21 already entered in an ongoing federal insider-trading probe—that of former SAC junior portfolio manager Donald Longueuil.
Assistant U.S. Attorney David Leibowitz told U.S. District Judge Jed Rakoff that Longueuil would plead guilty during a hearing Wednesday about separating Longueuil’s case from that of fellow defendant Winifred Jiau, reports Bloomberg.
Jiau and Longueuil were both charged with conspiring to commit securities and wire fraud between 2006 and 2010. Both had pleaded not guilty.
Prosecutors allege that Longueuil received tips from another former SAC manager, Noah Freeman, who allegedly got the information from Jiau, who worked for the expert network Primary Global. Freeman has pleaded guilty and is cooperating with the investigation.
The defendants are among the roughly 36 people charged in what prosecutors describe as a series of insider-trading rings linked to the Galleon Group, whose founder, Raj Rajaratnam, is currently facing trial.
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…