Saturday, 31 January 2015
Last updated 1 day ago
Dec 8 2011 | 2:24am ET
A former accountant pleaded guilty yesterday to passing confidential tips about his then-employer that wound up in the hands of a trio of hedge fund managers.
Stanley Ng pleaded guilty to one count of conspiracy to commit fraud. He admitted to providing Primary Global Research consultant Winifred Jiau with non-public information about Marvell Technology Group, information she in turn sold to clients, including the three hedge fund managers.
Jiau was convicted of insider trading in June, two months before Ng's arrest. Jiau was sentenced to four years in prison.
For his part, Ng faces up to five years, although prosecutors said that Ng's plea agreement calls for between six months and one year.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…