Sunday, 26 February 2017
Last updated 1 day ago
Oct 18 2013 | 10:44am ET
An expert network analyst caught up in the hedge-fund insider-trading crackdown has been spared jailtime.
Bob Nguyen was sentenced to two years' probation in recognition of the "very substantial assistance" he offered to the investigation. Nguyen testified at the trial of James Fleichman, an executive at Primary Global Research, where Nguyen also worked, and helped lead prosecutors to Walter Shimoon, one of his sources, who in turn helped bring down Broadband Research founder John Kinnucan.
U.S. District Judge Jed Rakoff said the light sentence was an acknowledgement of just how much help prosecutors need to win insider-trading cases.
"The very fact that they have uncovered so many instances of it illustrates how widespread this crime is and how much deterrence is needed," Rakoff said.
For his part, Nguyen apologized and pledged to "never do it again."