Wednesday, 24 August 2016
Last updated 9 hours ago
Mar 12 2013 | 12:49pm ET
An expert networker who passed confidential corporate information to two hedge fund employees should spend almost four years in prison—at least—prosecutors said yesterday.
The U.S. Attorney's Office in Manhattan asked a federal judge to sentence Tai Nguyen to between three years and 10 months, and four years and nine months in prison. Nguyen pleaded guilty in July to conspiracy, admitting that he tipped Barai Capital Management founder Samir Barai and former SAC Capital Advisors analyst Noah Freeman about medical and veterinary device-maker Abaxis. Freeman ran his own equity research firm, Insight Research, and was a consultant for expert-network Primary Global Research, which was at the center of the government's recent crackdown on insider-trading.
Nguyen's lawyer, David Wilkerson, last week sought leniency for his client, who will be sentenced on Thursday.
"He is not a dangerous man who needs to be imprisoned to protect the public," Wilkerson wrote. "He has acknowledged the appropriateness of punishment through his acceptance of responsibility and consent to forfeiture. He has been punished in a unique fashion by having done terrible damage to his relationships with his siblings."