Saturday, 30 May 2015
Last updated 17 hours ago
Sep 16 2011 | 4:55am ET
An expert-network consultant who pleaded guilty to passing confidential information to hedge funds was sentenced to a year-and-a-half in prison yesterday.
Manosha Karunatilaka pleaded guilty in May to tipping off clients of Primary Global Research, which he served as a consultant, about his full-time employer, Taiwan Semiconductor Manufacturing. He was paid about $35,000 for the information, which helped earn an unidentified hedge fund about $1.7 million.
Prosecutors had sought a sentence of between three and four years, while Karunatilaka's own lawyer asked for six months in jail and six months house arrest.
"I want to say how sorry I am for my conduct," Karunatilaka told U.S. District Judge Jed Rakoff. "I am very sorry for my actions."
Karunatilaka is the second person—out of the 15 charged in the case and 13 that have pleaded guilty or been convicted—to be sentenced. Another former Primary Global consultant, Don Ching Trang Chu, received two years probation earlier this month.
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…