U.S. files new insider charges
U.S. prosecutors in Manhattan filed new charges as part of a national probe of insider trading, accusing a California consultant for an expert-networking firm with selling inside information to two unidentified hedge funds.
Winifred Jiau, arrested in Fremont, was accused of selling data on Nvidia Corp. and Marvell Technology Group Ltd., makers of computer components, through the networking firm, according to a filing today in Manhattan federal court. The hedge funds paid her $200,000 through the firm, prosecutors alleged.
Jiau, 43, is charged with one count each of conspiracy to commit securities fraud and securities fraud. The first count carries a maximum sentence of 20 years in prison. She appeared this morning in San Francisco federal court and was ordered held in custody by U.S. Magistrate Judge Nandor Vadas, who set a hearing for Jan. 12 on whether to transfer her to New York.
The evidence against Jiau is “strong,” Assistant U.S. Attorney Wilson Leung told the judge, adding that there is a “cooperating witness and audio recordings.” When asked by Vadas if she understood the charges, Jiau said “I not have a chance to know until now.” Barry Portman, her assigned public defender, said the complaint is a “lengthy document.” She didn’t enter a plea to the charges.
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this story just keep bubbling away in the background..its not getting much attention yet..give it time..
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