Two of the hedge fund managers to plead guilty in the expert-network insider-trading case have been barred from the securities industry.
The Securities and Exchange Commission issued orders forbidding Noah Freeman and Samir Barai from "association with any broker, dealer, investment adviser, municipal securities dealer or transfer agent." Barai, the founder of hedge fund Barai Capital Management, was also fined $3.4 million.
Both men pleaded guilty last year to sharing and trading on confidential information learned from consultants at expert network Primary Global Research. Freeman, a former SAC Capital Advisors trader, cooperated with the investigation.