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New Arrests Announced In "Expert Network" Insider Trading Probe
The expert-networking arrest noose is starting to tighten. And as we have been claiming for a while while there will be numerous side arrest, the core target of the investigation are most likely one or a handful of key asset managers. Bloomberg discloses some additional details on today's arrest of four so far non-core individuals: "Four people who worked at technology
companies were arrested by agents of the Federal Bureau of
Investigation as part of a long-term insider trading probe. A
fifth person has pleaded guilty." We wonder how long before some or all of them appear on CNBC and various other media outlets and claim their innosence, potentially adding an obstruction of justice charge to their resume.
Four people who worked at technology companies were arrested by agents of the Federal Bureau of Investigation as part of a long-term insider trading probe. A fifth person has pleaded guilty.
James Fleishman, an executive for Primary Global Research, an expert-networking firm, was arrested this morning on charges of wire fraud and conspiracy for allegedly trying to give non- public information to the firm’s clients, including hedge funds, according to a statement by U.S. Attorney Preet Bharara in Manhattan.
Also arrested were Mark Anthony Longoria, who worked at Advanced Micro Devices Inc.; Walter Shimoon, who worked at Flextronics International Ltd.; and Manosha Karunatilaka, who was employed at Taiwan Semiconductor Manufacturing Co., on charges of wire fraud and conspiracy to commit securities fraud and wire fraud, the statement said. The charges were unsealed today in Manhattan federal court.
“A corrupt network of insiders at some of the world’s leading technology companies served as so-called consultants who sold out their employers by stealing and then peddling their valuable inside information,” said Bharara in a statement.
A fifth man, Daniel DeVore, formerly a supply manager at Dell Inc., was arrested in the same probe and pleaded guilty Dec. 10 to wire fraud and conspiracy to commit securities and wire fraud, according to the statement.
...
On Nov. 22, FBI agents from New York and Boston executed search warrants at the offices of Level Global Investors LP and Diamondback Capital Management LLC, firms founded by alumni of SAC Capital Advisors LLC.Agents that day also executed a search warrant at the offices of Loch Capital Management. None of the firms or their employees have been accused of any wrongdoing.
The investigation expanded to analysts and so-called expert-network firms with the Nov. 24 arrest of Don Ching Trang Chu, an executive at Primary Global Research, which connects investors with industry specialists who provide insight into a specific market.
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the fbi is great at skewering minnows but they'll suck a squid dry.
Squid suckers, now there is a mental image for you...
Hey, where is WB7?
Make millions, hide it offshore, fined several hundred thousand, serve 6 months in a country-club min security 'prison', get out and buy a yacht.
What's the problem?
What Country Club Prison?
Now they have even cut out the going though the motions of the Felon Fraudster Milken step...
Oh I mean Douche Philanthropist Milken step...
Jamie n' Lloyd...
Just cut a check...
Wake me when the words "GS", "JPM", "BAC" and "shackles" pop up. Otherwise, this is horseshit.
Ooo, you could use Google Alerts for that... but then, they probably would release the fact that you're searching for that to the feds, who would let someone in said institutions know, and...
You don't own a hot tub, do you? Heart trouble? Are your brakes in good condition?
On second thought, maybe we'll skip the Google Alert...
How about a dog leash? Do you own a dog leash?
These are just the songbirds, used to build the actual case. Many will turn states-evidence and skate.
The real perps will do the walk in about 90 days.
EDIT: And I can just imagine some big-wig with the AG saying in a hallway: "WikiLeaks is going to blow our cover in January, we need to get ahead of that with some signs of life around here. I don't care who it is or the story, just get me some brand name meat in here so we can stand before Congress giving testimony about what we 're gonna do about all this that isn't 100% bull shyte. And I want meat yesterday."
The pie is shrinking so some of the useless eaters need to be put down.
Those that pay for the best protection are now calling in their goon squads.
There IS A CLUB and YOUSE AIN'T IN IT, bitcheszz!
+ popcorn
I wonder if a lot of people out there are starting to wonder about the wisdom of having laws, at all? Why bother when the agencies that tax payers fund to enforce the laws don't enforce those laws...or they do so in cursory ways that are simply intended to PORTRAY enforcement.
I have been working on a tome about the criminal equity market behavior that happened today at the Roach Motel between 10:00--10:34 and then again at 12:35. I mean if you are going to go after folk, why not just go to the criminal syndicate Wall Street banks that took action at the above moments in time? One creation units machine had to be turned off while another one, at a bank not being visited by an FBI agent, got really cranked up.
Of course, I know, I confess, I am kinda old fashioned with my ideas. I should probably get more comfortable with all unconstitutional things emanating from The Bernank because you cannot fight the Fed, so why not just hop on board and loot the US treasury with it? Right?
I sure hope to be wrong about this one, and I hope Expert Networks turns out to be a treasure trove of guys that feel really sick about being part of the criminal syndicate known as Wall Street...because...
CAPITAL CANNOT FORM IN INSTITUTIONS AS CORRUPT AS THESE!
Notice how they cranked /ES to yesterday's pin high, where it promptly hit a brick wall?
HelluvaEngineer,
You know that name makes me really suspicious of you. I hope you are a very ironic bloke.
I did not notice the ES because my screen already has too many things on it, and I was watching OIL futures instead because I think the criminal syndicate Wall Street banker scum types have priced oil for stupid.
But I'll try to watch the ES next later today because, who knows...if this rally is Hong Kong in nature, if you know what I mean, it may well suddenly experience reverse engineering. LOL!
But seiously...who has the Prozac?
I think it's homage to his Alma Mater, Georgia Tech, as is mine...I think anyway, which means I'm probably wrong.
Yeah, you're right. Although I'm now a software developer, so go figure.
Helluva,
You are a software developer? Say it isn't so. I hate software developers. I am sorry, but I do. They make crap so hard to take, shutting down my stuff, moving buttons around, gobbling up memory, forcing new hardware purchases...and then when I call them up because I'm all f'n confused, they just tell me it's....me.
I will try not to hold it against you though, since you are here on ZH...so maybe you are a good guy anyway.
Additional:
If you had been looking at the oil futures chart instead of the ES chart, you would see my EKG. As well, and considering your career, I bet you could code something that would smooth that thing out...which I think ALL of America would love you for...so maybe you can come up with something and remember old Cdad when you make it big.
"They make crap so hard to take, shutting down my stuff, moving buttons around, gobbling up memory, forcing new hardware purchases...and then when I call them up because I'm all f'n confused, they just tell me it's....me."
Blaming the wrong people. Your looking for project managers.
Calculated Risk,
Oh, I might be blaming the wrong people cause I don't have much to do with software...but I hate project managers just as much as software engineers.
I actually have a friend that wants to try to turn me into a project manager...which really makes me LOLOLOLOLOL!
Plenty of blame to go around the whole software world, as I see it...but what do I know?
Go ramblin' wreck!
Great news! Market up 54 on the insider trading news while Jamie and Lloyd buy truckloads of Cristal to celebrate their get out of jail free cards from Holder.
Damn I know dudes at Loch Capital!!
Hope they kept their noses clean.
Yet the TBTFs pay fines but no arrests. Propaganda- Cracking down on Wallstreet.
Obstruction of what? What?!? What is this "justice" you speak of?
No you are saying it wrong. It's two words; "just ice"
Someone gets caught standing in front of the ice maker. That is so wrong.
Hope that helps.
I always thought the two words were "just us"
When will Dana Telsey go down?http://www.telseygroup.com/home/about/methodology
Here goes a weird post...One of the psychics I follow had a dream relating to mutual fund corruption, arrests and closure. And he is certainly not one to watch CNBC so it amazes me that he would say the name Bridgewater Associates. You can see his post here if you croll down to DD8334...
http://www.briansprediction.com/dreams/2010/december/week1.html
we'll see...
Could the woman he keeps drawing and seeing be the one and only Robo-Lisa? Inquiring minds want to know!
FBI to sheeple: See? We cleaned up Wall Street now it's safe to BUY BUY BUY!
I don't know about you, but I'm feeling much better about things now.
/sarc
I'm going to jump onto the MOT bandwagon with icahn et al right now, heh heh. Both feet (NOT!).
I'll bet Cramer will be on today to talk about this and how it is "all good for stocks." Get the barf buckets ready....
....oh, and yes I do know that nobody here at ZH will be on the other side of this bet
At least it's a start.
Ideally I hope to see Deals struck, including immunity, starting at the lowest levels, with the goal being to work UP the Chain of Command. This is how we will know just how serious the Investigation/Investigators are in going after the Top, Highest Level.
I wouldn't mind seeing a reward added, though the "Reward" could just be them getting the Bonus they would have gotten anyhow. Perhaps a Formula could be made that yields a larger $amount tied to how much, how high-up the info provided turns out to bring in a Big Catch. It only takes a few to start a large scale amount of individuals "Turning". And yes, this might have to include something in the order of placing these individuals who do give valid, high-level incriminating info the equivelent of the Witness Protection Program, relocate them with new ID's
New Arrests?
Jamie? No.
Lloyd? No.
Pandit? No.
Lewis? No.
Fuld? No.
Tangelo? No.
Thain? No.
Cassano? No.
Rubin? No.
Timmay? No.
The Bernank? No.
There's Nothing to See Here
But an "Empty Suit" named Holder...
Let's just all move along...