Monday, 26 January 2015
Last updated 14 min ago
Jul 1 2011 | 1:06am ET
One of the expert-networkers in the Primary Global Research case pleaded guilty to insider-trading charges yesterday, the ninth person to do so.
Mark Longoria admitted he passed confidential information about his company, Advanced Micro Devices, and another company, Western Digital Corp., where he worked before joining AMD to several hedge fund managers. Longoria said he was paid $300 per call with Primary Global Clients, earning about $200,000 over the four years of the scheme.
Primary Global “paid me for providing material, non-public information, mostly be telephone, to hedge fund clients,” Longoria said in court. “I believed at the time that the hedge funds would use the non-public information I gave them to make trading decisions.”
Those hedge funds were Barai Capital Management and Spherix Capital, according to prosecutors. The heads of both firms have pleaded guilty in either the Primary Global case or the Galleon Group case.
Longoria faces up to 50 years in prison on the conspiracy, securities and wire fraud, and making false statements to prosecutors and the Federal Bureau of Investigation charges. He is likely to receive much less, as he is cooperating with prosecutors.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…