By Patricia Hurtado -
Former Marvell Technology Group Ltd. (MRVL) accountant Stanley Ng, charged in a nationwide crackdown on insider trading, made an initial court appearance in New York and was released on a $50,000 bond.
Ng, 42, didn?t enter a plea today at his first federal court appearance in Manhattan. U.S. Magistrate Judge James Francis agreed to release Ng on a bond secured by one financially responsible person and his California home and ordered him to surrender his passport. Both Ng and his lawyer, Silvia Serpe, declined to comment after court.
He was arrested Aug. 10 for allegedly leaking material non- public information to Winifred Jiau, a former consultant with expert-networking firm Primary Global Research LLC. He?s charged with one count of conspiracy to commit securities and wire fraud and faces as long as five years in prison if convicted.
Jiau, 43, was convicted in June of one count each of conspiracy and securities fraud after being caught in Manhattan U.S. Attorney Preet Bharara?s probe of insider trading involving so-called expert networking firms and hedge-fund managers.
Prosecutors said Jiau passed earnings and other information about Nvidia Corp. (NVDA) and Marvell to fund managers Noah Freeman, a former SAC Capital Advisors LP portfolio manager, and Samir Barai, founder of New York-based Barai Capital Management LP.
At Jiau?s trial, a witness testified that Jiau befriended Sonny Nguyen, a former Nvidia Corp. financial analyst, and Ng to obtain information she sold to Barai and Freeman. Ng tipped her about Marvell?s earnings in May 2008, prosecutors said.
The portfolio managers paid Primary Global $10,000 a month for exclusive access to Jiau, Freeman testified. She earned at least $208,000 from the scheme, prosecutors said.
Barai and Freedman have pleaded guilty and are cooperating with prosecutors.
The case is U.S. v. Ng, 11-02096, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Patricia Hurtado in New York at pathurtado@bloomberg.net.
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.
accountants rancho cucamonga accounting rancho cucamonga accountant rancho cucamonga
No comments:
Post a Comment