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).
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