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Former SAC PM Pleads Guilty To Insider Trading

Tyler Durden's picture




 

Former SAC portfolio manager Donald Longueuil has just pled guilty to charges of insider trading (before the (in)famous Judge Jed Rakoff) in Federal District Court in Manhattan. Dealbook reports: "Mr.
Longueuil described in court how after reading news reports about the
government’s insider trading last fall he destroyed his hard drive that
contained incriminating evidence.
The government, however, dropped its obstruction of justice charge against Mr. Longueuil. Under
the plea agreement with the government, Mr. Longueuil faces a prison
sentence between 46 months to 57 months. Judge Rakoff could depart from
those guidelines." And he certainly will if Longueuil, who is a cooperating witness, drops some juicy bombs about every DA's public enemoy number one: ole Crown Lane, Greenwich residing blue eyes himself.

Neither SAC nor its founder, Steven A. Cohen, has been accused of any wrongdoing. The firm denounced the conduct of Mr. Longueuil and Mr. Freeman at the time of his arrest.

Oddly enough, this reminds us of the actions taken by Berkshire last night, which decided to throw the book at the man who was soon to be its next head. Funny how that happens.

At Thursday’s hearing, Mr. Longueuil, accompanied by his lawyer Craig Carpenito, pleaded guilty to trading in Marvell Technology stock based on an illegal tip provided to him by Mr. Barai. According to court filings, the source of that original tip was Winifred Jiau, a former employee of Primary Global Research, a so-called expert network firm. Ms. Jiau has pleaded not guilty to conspiracy charges.

Of course, we can't wait for the apologists to come up with the argument that should a criminal case be brought up against SAC, that half the liquidity in the NYSE will plunge since it comes exclusively from Cohen's minions buying and selling biotech companies, supposedly almost exclusively ahead of Phase II and III trial results... with absolutely no knowledge of the outcome in advance, of course.

 

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Thu, 04/28/2011 - 14:43 | 1217088 bingaling
bingaling's picture

We want More ! WE want more!

Thu, 04/28/2011 - 14:50 | 1217118 Clueless Economist
Clueless Economist's picture

CNBS is actually quite useful to watch.  No, I am not talking about Steve Liesman's genius, but the commercials.

--I may be in my pajamas but...

--Bill Schaeffer made a financial gain with his invention, but these results are not typical

--Attention parents and grandparents with Gerber life insurance plan for your child..


--Get Magic Jet or Jack or whatever now

Highly polished and professional commercials keeps me glued to CNBS

 

 

Thu, 04/28/2011 - 15:44 | 1217361 RockyRacoon
RockyRacoon's picture

How about a new comment?  This one's getting old.

BTW: It's CNBC

Thu, 04/28/2011 - 16:12 | 1217500 Atomizer
Atomizer's picture

Or the reverse mortgage commercial staring Robert Wagner. :) 

Thu, 04/28/2011 - 16:14 | 1217519 cossack55
cossack55's picture

Cool. So you could end up in your home like Natalie Wood.  "It takes a Thief"

Thu, 04/28/2011 - 14:47 | 1217108 unclebigs
unclebigs's picture

Stevie will never go down.  He has more money than the government and can hire a team of 10,000 lawyers if needed.  

Thu, 04/28/2011 - 14:50 | 1217111 lolmao500
lolmao500's picture

Next in line : Buffett and most of congress... oh wait... congress is exempt from insider trading laws!

Thu, 04/28/2011 - 14:58 | 1217149 Gubbmint Cheese
Gubbmint Cheese's picture

Yes they are - this was from a story way back in 2009..

http://plus.cnbc.com/rssvideosearch/action/player/id/1269475331/code/cnbcplayershare

Thu, 04/28/2011 - 14:48 | 1217113 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Anyone else sick of this whole stinking Wall St show?

Every day, every week, every month, every year. It's like in 1984, it's a show we just cannot turn off.

Oh well, f**k 'em. Looking after myself and my own. Bullion is truth.

Thu, 04/28/2011 - 14:57 | 1217135 centerline
centerline's picture

Watch for sharks turning to eat other sharks.  Until then, there is still gas left in the tank - even if the needle says we are on "E".

Thu, 04/28/2011 - 15:49 | 1217369 Pedro
Pedro's picture

What about all the primary dealers ant TBTFs.  They can insider trade all they want.  My phone doesn't ring to tell me where the POMO money will be invested and my bank account doesn't get free money for which to do it.  Why not let all of us get in on it?

Thu, 04/28/2011 - 15:56 | 1217431 Tense INDIAN
Tense INDIAN's picture

Indian IT in 5th wave ??

 

http://markettechnicals-jonak.blogspot.com/

Thu, 04/28/2011 - 17:11 | 1217878 equity_momo
equity_momo's picture

Quit spamming your really bad website with its even worse charts (theyre really quite poor) and go and smoke a dooby or take a shit if you're so tense.  

Fucking spammer.

Thu, 04/28/2011 - 16:03 | 1217467 SwingForce
SwingForce's picture

Yet not 1 Banksta...........

Thu, 04/28/2011 - 16:58 | 1217778 Bam_Man
Bam_Man's picture

Wall Street is a cesspool of greedy sociopaths.

Tell us something we don't already know.

Thu, 04/28/2011 - 17:03 | 1217822 alexanderstollznow
alexanderstollznow's picture

i am not surprised the obstruction of justice charge didnt fly. it is hard to argue that someone has obstructed justice by destroying a HDD before they have been notified of any investigation.  even for american prosecutors.

Thu, 04/28/2011 - 18:18 | 1218187 disabledvet
disabledvet's picture

And who DIDN'T know about the J&J mega-purchase prior to?  Not that it's illegal for the general populace of course per se.  Guy's gotta eat.

Tue, 05/31/2011 - 05:25 | 1324680 aoter
aoter's picture

Oddly enough, this reminds 642-426 test us of the actions taken by Berkshire last night, which decided to 642-974 test throw the book at the man who was soon to 642-873 test be its next head. Funny how that happens.

Mon, 06/06/2011 - 01:38 | 1342599 rockingsteve
rockingsteve's picture

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Mon, 06/06/2011 - 01:40 | 1342601 rockingsteve
rockingsteve's picture

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