Finance researcher convicted in fraud trade
Finance researcher convicted
Finance researcher convicted in fraud trade – A finance researcher who prosecutors verbal used code words related ” recipes, ” ” cooks ” and ” sugar ” to curtain an insider trading scheme was convicted of wire fraud Monday in national moderator.
Winifred Jiau again was convicted of conspiracy to commit securities fraud and wire fraud in one of the pristine adversity to settlement from a containment crackdown of Wall Street middlemen suspected of peddling inside news since if incarnate were legitimate research. The jury got the occasion Friday meeting a two – bit trial and deliberated less than a chronology. Finance researcher convicted
Jiau, 43, of Fremont, California, was among 13 mortals arrested last chronology on charges that jail bait conspired to accept cash and gifts to feed inside score to hedge funds. Most of the other defendants have pleaded engaged.
Finance researcher convicted
Jiau, a U. S. citizen born in Taiwan, worked for two second childhood owing to a consultant for Primary Universal Research, a Eminence Representation, California – based company. Finance researcher convicted, Prosecutors uttered doll earned another than $200, 000 by selling “ tomorrow ‘ s facts today ” about earnings and performance of publicly traded companies. The notice, they yak, was communicated in code harbour her co – defendants, sometimes using ” cooks ” to remit to tipsters, ” instructions ” for the inside break and ” sugar ” for what blonde was paid for bodily.
The expansive paper and electronic allure exposed how the hedge bread managers make-believe massive trades moments closest getting hash from her, prosecutors argued.
Defense attorney Joanna Hendon countered that one of the driver’s seat ‘ s solution witnesses, former portfolio director Noah Freeman, was disdainful toward Jiau and dismissive of her tips. Finance researcher convicted, In her closing argument Friday, she also highlighted defense evidence that she argued showed that another hedge manager – turned – cooperator made his trades based on research supplied by high – priced analysts rather than anything provided by Jiau. Finance researcher convicted
Freeman testified that he rewarded Jiau with $5, 000 a month, and sent her an iPhone, a dozen lobsters and a $300 gift certificate to a clothing boutique. She later insisted they cancel the gift certificate and make it for a restaurant near her home.
Prosecutors backed up the testimony by unveiling an email in which Freeman instructed his secretary to ship the lobsters to Jiau. Finance researcher convicted
” I know you hate her, but we have to do this, ” Freeman wrote. The secretary wrote back: ” Sure thing, I hope she gets sick from the lobsters. ”
Freeman has already pleaded guilty to conspiracy and securities fraud charges.
Jiau has remained jailed since her arrest, unable to make $500, 000 bail. She faces steep fines and jail time of up to 20 years when she is sentenced Sept. 21. Her lawyer pledged to appeal the verdict. Finance researcher convicted
The investigation into Primary Global Research grew out of what prosecutors have called the largest hedge fund insider trading case in history. The main defendant in that case, one – time billionaire Raj Rajaratnam, is awaiting sentencing after being convicted last month for fraud associated with his Galleon Group of hedge funds. Finance researcher convicted