Former Primary Global Research sales executive James Fleishman was found guilty of insider-trading charges yesterday, the 14th of the 15 people charged in the case to be convicted or to plead guilty.
It took a Manhattan jury just six hours to reach its verdict on the two counts of conspiracy. Fleishman faces up to 25 years in prison when he is sentenced on Dec. 21; he remains free on bail until then.
The jury was given the case yesterday after a two-and-a-half week trial that featured wiretapped phone calls and several cooperating witnesses, including former Primary Global consultants. Prosecutors accused Fleishman of connecting money managers, including hedge fund managers, with corporate insiders to facilitate the exchange of confidential information. They said he earned more than $800,000 between 2008 and 2010.
Fleishman’s lawyer countered that his client was an honest salesman who could not have known that his experts were passing material, non-public information.
Fleishman is the second person convicted in the case; Winifred Jiau, a former consultant for Primary Global, was convicted in June. She is scheduled to be sentenced today.