Hedge Fund Analyst, Wife Plead To Insider Trading

Sep 6 2007 | 7:40am ET

A Wall Street Bonnie and Clyde—former hedge fund analyst Ruopian Chen and his wife, former Morgan Stanley financial analyst Jennifer Wang—are walking hand in hand to the pokey.

Chen, until earlier this year a vice president at ING Investment Management Americas, and Wang pleaded guilty to a variety of conspiracy and securities fraud charges yesterday in Manhattan. The two agreed to a sentence of between two-and-a-half and three years and one month in prison, with sentencing scheduled for Dec. 7.

The duo was arrested in May and charged with insider trading on non-public information Wang was picked up at Morgan Stanley. Federal prosecutors allege they made more than $600,000 from their illicit trades, which took place between December 2005 and March 2007.

Chen and Wang still face the ire of the Securities and Exchange Commission, which has civil insider-trading charges against them pending.

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