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Ex AMD, Dell Managers Charged; Insider Trading

By - Source: SEC | B 13 comments

The Securities and Exchange Commission was formally charged six men in an insider trading case.

The group includes Anthony Longoria, a former manager at AMD, as well as Daniel DeVore, a manager at Dell as well as Marvell consultant Winifred Jiau, Flextronics executive Walter Shimoon and two employees of investment research firm Primary Global.

Longoria, Shimoon as well as the primary Global employees were arrested in an FBI sting back in December. The original accusation involved passing on confidential product information in exchange for money to Primary Global. These new SEC charges apparently stem from new findings from an ongoing investigation as the organization alleges that Longoria, DeVore, Jiau and shimoon "obtained material, non-public confidential information about quarterly earnings and performance data and shared that information with hedge funds and other clients of PGR who traded on the inside information."  According to the SEC, the illegally provided information resulted in profits in the amount of about $6 million. "Company executives and other insiders moonlighting as consultants to hedge funds cannot blatantly peddle their company's confidential information for personal gain," Robert Khuzami, director of the SEC's Division of Enforcement, said in a statement.

According to the SEC, Longoria collected more than 130,000 in consulting fees from primary Global, while DeVore was paid about $145,000, Shimoon $13,600 and Jiau $200,000. The complaint filed by the SEC asks to prevent Longoria, Shimoon and DeVore from acting as an officer or director of any registered public company, to repay any gains including interest and pay additional penalties. Similar cases in the past have also resulted in jail time.

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  • 0 Hide
    _Pez_ , February 7, 2011 5:48 AM
    hnmn what kind of info did they get?, it might go out to light in any moment... let's see what happens...
  • 1 Hide
    f-14 , February 7, 2011 5:50 AM
    good! about time people like this started getting nailed!
  • 3 Hide
    fyasko , February 7, 2011 5:58 AM
    now they are off to a white collar resort for a few months of much needed R&R
  • Display all 13 comments.
  • 0 Hide
    Anonymous , February 7, 2011 6:52 AM
    ha ha ha
  • 0 Hide
    eddieroolz , February 7, 2011 7:18 AM
    Shame on you white collar criminals.
  • 0 Hide
    peterdigby , February 7, 2011 8:17 AM
    now for a slap on the wrist and no real consequences
  • 1 Hide
    avaksman , February 7, 2011 10:03 AM
    So you guys want to execute them ?
  • 1 Hide
    tomate2 , February 7, 2011 10:19 AM
    The Securities and Exchange Commission was formally charged six men in an insider trading case.

    has formally charged?? o.O
  • 3 Hide
    rhino13 , February 7, 2011 12:48 PM
    Two groups in American society that always get off too light:

    White Collar Criminals and Pirates.

    Oh them and OJ Simpson.

    That's right, I said it.
  • 0 Hide
    verbalizer , February 7, 2011 2:25 PM
    I mentioned this months ago on a Dell forum thread about someone wanting to become a Dell service tech (engineer)...
    The entire board should be convicted.
  • 0 Hide
    ckthecerealkiller , February 7, 2011 5:08 PM
    avaksmanSo you guys want to execute them ?

  • 0 Hide
    wildwell , February 7, 2011 9:54 PM
    The real question is how many more executives are out there working as "consultants" for inside traders.
  • 0 Hide
    wizardprang , February 8, 2011 12:23 PM
    rhino13Two groups in American society that always get off too light:White Collar Criminals and Pirates.Oh them and OJ Simpson.That's right, I said it.

    If OJ Simpson had been convicted, he would have been out a long time ago and living large off his notoriety. As things are, he is, and always will be, a joke. There's a certain justice in that.