Saturday, 27 August 2016
Last updated 12 hours ago
Jan 10 2013 | 2:05pm ET
The former SAC Capital Advisors analyst who named 20 names in the government's ongoing insider-trading crackdown was rewarded for his cooperation yesterday.
Wesley Wang, who faced up to 10 years in prison, won't spend a day behind bars. U.S. District Judge Jed Rakoff, who said "the extent of Mr. Wang's cooperation goes beyond that of most cooperators," sentenced him to just two years probation.
Wang pleaded guilty in July to conspiracy charges, and a month later testified against his former boss, Whitman Capital founder Doug Whitman. Whitman, like everyone else who has gone to trial for insider-trading in recent years, was convicted.
But prosecutors told Rakoff that Wang's cooperation had gone much farther. In a letter to the judge earlier this month, they said he had identified about 20 suspected insider-traders, including his former boss at SAC's Sigma Capital unit, Dipak Patel, and his bosses at Trellus Management, where he worked after leaving SAC in 2005.
Neither Patel nor Wang's bosses at Trellus, who were not identified by name, have been charged with any wrongdoing. Wang must continue to cooperate with the authorities.
"I am disappointed in myself and I am trying to contribute back to my society," Wang told Rakoff at the New York hearing.