Sun, Jun 26, 2016
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. Opalesque Roundup: Hedge funds shrink as liquidations outpace new launches in Q1: hedge fund news, week 27[more]

    In the week ending 17 May, 2016, HFR said hedge fund liquidations declined narrowly to begin 2016 after rising sharply to conclude 2015, as investors positioned f

  2. Europe - Hedge funds keep powder dry over big Brexit bets, Hedge funds sense profit in Europe shock waves after Brexit vote, Soros warns Brexit may cause pound plunge worse than Black Wednesday, After Brexit: What will happen if Britain votes to leave the UK?[more]

    Hedge funds keep powder dry over big Brexit bets From FT.com: Hedge funds are shying away from big bets on Brexit, with many unwilling to risk further losses having already suffered a painful first half of the year. With the outcome of a UK vote on the country’s membership of the Europea

  3. News Briefs - ’Flash Boys’ get green light to launch stock exchange, Pimco says ‘storm is brewing’ in U.S. commercial real estate, Bankers get ready to rumble at Hedge Fund Fight Night, AIMA Australia celebrates 15th anniversary[more]

    ’Flash Boys’ get green light to launch stock exchange In an investing environment ruled by fast, the newest U.S. public stock exchange is banking on slow. Well, slower. IEX Group, which won Securities and Exchange Commission approval on Friday to go head-to-head with the New York Stock E

  4. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  5. Visium hedge fund manager Sanjay Valvani found dead[more]

    Benedicte Gravrand, Opalesque London: A hedge fund manager connected with an insider trading case has apparently committed suicide. Sanjay Valvani, 44, a hedge fund manager at New York-based Visium Asset Management, was found dead in an apparent suicide on 21 June in his Brooklyn residence,