Thursday, December 16, 2010
We have been waiting for a shoe to drop in the three-year investigation into insider trading, and here it is: the government arrested four consultants and one employee of Primary Global Research LLC, an "expert-network" firm. The government alleges illegal tipping of confidential material information from corporations to investors via expert networks. Those arrested:
James Fleishman, sales executive at Primary Global;
Walter Shimoon, VP/Businesss Development at Flextronics International Ltd.;
Mark Anthony Longoria, an employee at Advanced MicroDevices;
Manosha Karunatilaka, business development manager at Taiwan Semiconductor North America.
Another consultant, David Devore, global supply manager at Dell, pleaded guilty to wire fraud and is reportedly cooperating with authorities. WSJ, U.S. Charges Five in Alleged Insider-Trading Ring