Primary global, full tilt poker, bp, bof a in court news
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A former executive at expert- networking firm Primary Global Research LLC, James Fleishman, was found guilty of helping pass confidential information to fund managers as part of an insider-trading …
A former executive at expert- networking firm Primary Global Research LLC, James Fleishman, was found guilty of helping pass confidential information to fund managers as part of an insider-trading scheme. Fleishman, of Santa Clara, California, was found guilty yesterday by a Manhattan federal jury of conspiracy to commit securities fraud and conspiracy to commit wire fraud. The jury deliberated for about six hours before reaching a verdict. U.S. District Judge Jed Rakoff set sentencing for Dec. 21. Until then, Fleishman, who faces as long as 25 years in prison, remains free on bond. He and his lawyer, Ethan Balogh, declined to comment as they left the courthouse. “We had enough evidence to find the defendant guilty of both counts,” said jury foreman Ben Stein, who works in the information-technology sector of a financial-services business. “It was not easy, but we had lots of evidence.” Since November, 15 people have been charged by federal prosecutors in the office of Manhattan U.S. Attorney Preet Bharara in a probe of expert networkers and hedge fund managers. Twelve have pleaded guilty, including Noah Freeman, a former portfolio manager with SAC Capital Advisors LP, and Samir Barai, the founder of Barai Capital Management LP. Fleishman, 42, was the second to go to trial. Winifred Jiau, a former Primary Global consultant who was convicted at trial in June of securities fraud and conspiracy, is scheduled to be sentenced today in Manhattan federal court. Prosecutors said Fleishman obtained and passed confidential data from technology company employees who were moonlighting as consultants for Mountain View, California-based Primary Global. The secret tips were given to fund managers who paid Primary Global for consultation calls, prosecutors said.
The case is U.S. v. Nguyen, 11-cr-32, U.S. District Court, Southern District of New York (Manhattan).
Full Tilt Paid Board With Players’ $440 Million, U.S. Says Full Tilt Poker paid board members more than $440 million using funds it had told its online poker players would be available to them for withdrawal at any time, U.S. prosecutors said. Manhattan U.S. Attorney Preet Bharara’s office yesterday asked U.S. District Judge Leonard B. Sand for permission to add the new allegations to a civil forfeiture case first filed against Full Tilt, PokerStars, Absolute Poker and other businesses in April. “Full Tilt insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and public alike about the safety and security of the money deposited with the company,” Bharara said in statement. The forfeiture action parallels criminal charges also brought by Bharara against the poker companies and 11 people, alleging bank fraud, money laundering and illegal gambling. Prosecutors said that after the U.S. enacted a law in 2006 barring banks from processing payments to offshore gambling websites, Full Tilt, PokerStars