Longueuil To Plead Guilty In Insider-Trading Probe

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.


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

The Road To Tax Alpha

May 28 2015 | 5:36am ET

Tax-related alerts are increasingly helping investment managers harvest tax alpha...

 

Sponsored Content

Editor's Note