Stanley Ng, a former SEC reporting manager at Marvell, was charged with conspiring to commit securities fraud and wire fraud by providing insider information about Marvell to Winifred Jiau, a former consultant to Primary Global Research LLC, an intelligence service for institutional investors and analysts, according to a statement released by the FBI.
Jiau, 43, was convicted in June of conspiracy to commit securities fraud and wire fraud, and one count of securities fraud. She is scheduled to be sentenced Sept. 21.
A complaint filed by the U.S. attorney for Manhattan and unsealed Wednesday alleges that Ng was recruited to join "an investment club" with Jiau while working in the Marvell finance department. The complaint alleges that both Ng and Son Ngoc Nguyen, a former accountant at Nvidia Corp., agreed to provide Jian with inside information about their employers. In exchange, Jiau agreed to supply Ng and Nguyen with stock tips received from other individuals, according to the complaint.
"Incredibly, the person designated the SEC reporting manager for Marvell was allegedly using his special access to non-public information to violate the very federal securities laws he was supposed to be assuring compliance with," said Manhattan U.S. attorney Preet Bharara, in a statement.
Nguyen, 39, pleaded guilty in May to one count of conspiracy to commit securities fraud and wire fraud. He is scheduled to be sentenced Nov. 29.
Via http://www.eetimes.com/
