Wednesday, 23 July 2014
Last updated 10 hours ago
Jul 18 2012 | 2:10am ET
A former SAC Capital Advisors consultant has pleaded guilty to insider-trading, implicating another SAC veteran in the process.
Wesley Wang admitted he shared confidential corporate information with Whitman Capital founder Douglas Whitman, against whom he has agreed to testify. But he also said that he passed tips to Dipak Patel, a former Portfolio manager at SAC's Sigma Capital unit.
Wang worked at Sigma from 2002 until 2005. Patel has not been charged with any wrongdoing.
At a July 13 hearing, Wang said he passed tips about Cisco Systems, Marvell Technology Group and Polycom Inc. to Whitman from 2002 until 2009. In addition to Whitman and Patel, he said he traded tips with former Lanexa Global Management analyst Thomas Hardin, who cooperated with prosecutors in the Galleon Group insider-trading case as "Tipper X."
Hardin isn't the only link to that case in the case against Whitman: Among the potential witnesses in his trial is former Galleon employee Roomy Khan. Whitman's trial is set to begin on July 30.
Whitman's lawyers blasted prosecutors for Wang's late addition and asked a judge to prevent Wang from testifying about tips not included in the charges against their client.
"It is extraordinary, in my experience, that the prosecution would be adding a witness like Wes Wang this close to the trial," David Anderson wrote in a Monday filing.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…