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4 Feb 2011

Six Analysts Charged In Hedge Fund Insider Trading Case

Winifred Jiau

James Fleishman with attorney Ethan Balogh

New York ( – The SEC yesterday charged Mark Anthony Longoria, a manager at A.M.D.; Daniel L. DeVore, a manager at Dell; Winifred Jiau, a consultant with insider information about Marvell Technologies, and Walter Shimoon, an executive at Flextronics International.

Bob Nguyen and James Fleishman, both employees of Primary Global, were also charged by the S.E.C, according to a report by the New York Times.

Walter Shimoon

Mark Anthony Longoria

The SEC filed civil charges of insider trading against six people associated with expert network firms after criminal cases brought earlier by the Justice Department against the same group.

The consultants are accused of leaking privileged information to hedge funds about companies like Advanced Micro Devices, Apple and Dell, about $6 million in illicit gains was made through the tips, the SEC complaint said.

“Company executives and other insiders moonlighting as consultants to hedge funds cannot blatantly peddle their company’s confidential information for personal gain,” Robert Khuzami, director of the SEC’s enforcement division said. “The Primary Global consultants and employees schemed to facilitate widespread and repeated insider trading by several hedge funds and other investment professionals.”