Prosecutor: Insider traders relied on tech tips
NEW YORK – A prosecutor has told jurors at a New York trial's opening that a California researcher engaged in insider trading by delivering tomorrow's news today to hedge fund contacts.
Assistant U.S. Attorney David Leibowitz (LEEB-uh-whitz) told jurors in Manhattan that Winifred Jiau (Jow) received more than $200,000 for feeding inside information to others. Defense lawyer Joanna Hendon says her client never engaged in insider trading.
Jiau was arrested in December in a government crackdown on specialists in the financial industry who pass off inside information about companies as legitimate research.
Prosecutors say the Fremont, Calif., woman provided inside information while she worked as a consultant for two years for Primary Global Research, a Mountain View, Calif., firm. Eight of 13 people charged in the probe have pleaded guilty.