Monday, 22 September 2014
Last updated 38 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.