Saturday, 30 July 2016
Last updated 1 day ago
Dec 16 2011 | 4:05am ET
Prosecutors have asked a judge to throw the book at a man convicted of being at the center of an expert-network insider-trading ring.
James Fleishman should be sentenced to between seven and nine years in prison, prosecutors said this week. Fleishman, a former sales manager at Primary Global Research, was convicted in September of connecting money managers, including hedge fund managers, with corporate insiders to facilitate the exchange of confidential information. Prosecutors say he earned more than $800,000 between 2008 and 2010.
Fleishman’s lawyers retorted that he should receive just a year’s house arrest. His attorneys, in their own court filing, questioned the amount of improper gains prosecutors attribute to their client, and said that PGR, and not Fleishman himself, was rotten.
“Mr. Fleishman does not present as a rogue employee, secretly stealing his employer's property for personal gain at the expense of his employer, but instead, as a man who worked for essentially what became a rogue enterprise in which a legitimate business model was structured in a way that misappropriation of third-party information was likely to occur,” lawyer Ethan Balogh wrote.
Fleishman is scheduled to be sentenced on Wednesday.