Thursday, 26 May 2016
Last updated 5 hours ago
Sep 29 2011 | 11:12am ET
Former SAC Capital Advisors trader Donald Longueuil has been barred from the securities industry for his role in the expert-network insider-trading case.
The Securities and Exchange Commission imposed the sanctions two weeks after Longueuil settled the agency's allegations for $353,000. In its order, the SEC found that Longueuil traded on confidential information both during his time at SAC and at Empire Capital Management.
Longueuil pleaded guilty in April to insider-trading, admitting he received tips from Barai Capital Management founder Samir Barai and to trading tips with fellow SAC veteran Noah Freeman. He also admitted to destroying evidence after Barai Capital was raided by the Federal Bureau of Investigation in November.
Longueuil was sentenced to two-and-a-half years in prison.