Fri, Jul 25, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Ex-Primary Global Research Longoria, Shimoon cooperate in insider trading case, avoid jail terms

Tuesday, July 02, 2013

Precy Dumlao, Opalesque Asia:

47-year-old Mark Anthony Longoria and 41-year-old Walter Shimoon, two former consultants for expert networking firm Primary Global Research LLC, avoided prison terms by cooperating with the U.S. government’s five-year investigation of insider trading.

According to Bloomberg, U.S. District Judge Jed Rakoff in Manhattan took note of the contributions given by Longoria, a former Advanced Micro Devices Inc. (AMD) employee and Shimoon, an ex-Flextronics International Ltd. (FLEX) executive, in the prosecution of those involved in the widening insider trading probe.

The report quoted Judge Rakoff as saying, "It is because the very nature of this crime and the very nature of its discovery is usually dependent on the use of co-operators. The cold, realistic fact is a price has to be paid for that cooperation and it takes the form of a substantial reward in the form of reduced jail time."

However, Rakoff fined Longoria to $170,000 and Shimoon $45,500 from their earnings, and sentenced them to time served, including each day they spent while in custody after they were arrested.

Both men pleaded guilty to giving insider information in 2011 as Longoria admitted to two counts of conspiracy, one count of securities fraud and making false statements to the Federal Bureau of Investigation (FBI).

Longoria ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  4. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  5. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag