Prosecutors Link Primary Global CEO To Insider Trading Scheme

Aug 24 2011 | 9:02am ET

Federal prosecutors have linked Primary Global Research CEO Unni Narayanan to the insider trading scheme that has already netted charges against 14 people, including former sales manager James Fleishman.

Fleishman’s lawyer, Ethan Balogh, filed a motion in a New York federal court on Tuesday in an attempt to limit the wiretap evidence introduced at Fleishman’s trial, scheduled to begin August 29. Attached to the motion, reports Bloomberg, was a July 15 letter in which prosecutors identified Narayanan—who has not been charged with a crime— COO Phani Saripella and other Primary Global employees as “coconspirators” who schemed with Fleishman to defraud public companies of nonpublic information.

Fleishman pled not guilty in February to charges he facilitated insider trading by introducing clients to consultants he knew would share confidential information. He is one of 14 people charged in the case; 12 have pleaded guilty and one, Winifred Jiau, was convicted in June.

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