Updated: Friday, 15 Mar 2013, 9:31 AM EDT
Published : Friday, 15 Mar 2013, 9:31 AM EDT
NEW YORK (AP) — A federal judge in New York has given a year in prison to the president of an investment research firm for an insider trading scheme.
U.S. Attorney Preet Bharara in Manhattan announced the sentence for Tai Nguyen (ty wehn) of Oregon City, Ore.
The president of Insight Research LLC got inside information from a relative about a California biotechnology company, Abaxis Inc.
He pleaded guilty to conspiring to commit securities fraud and wire fraud.
Nguyen passed the information to a Boston hedge fund research analyst, Noah Freeman, and a New York hedge funds portfolio manager, Samir Barai.
That earned Freeman's fund $4.5 million and Barai's $1.7 million. They pleaded guilty in 2011 and are awaiting sentencing.