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Primary Global Hedge Funds

Primary Global Hedge Funds

SEC: Consultant Gave Insider Tips to Eleven Hedge Funds

The Securities and Exchange Commission has alleged that Walter Shimoon, a former Flextronics International Ltd. manager who more recently worked as a consultant for Primary Global, illegally passed along information to hedge funds. Shimoon is one of six individuals charged in the insider trading case. This recent news sheds more light on what was going on at Primary Global and the hedge funds that allegedly benefited from insider tips.
“From December 2008 to January 2010, Shimoon spoke with representatives of at least 11 different hedge funds,” the SEC said in its complaint filed in federal court in New York. “Brokerage records show that the hedge funds used the inside information that Shimoon provided during these calls to trade the securities of at least Flextronics and Omnivision,” a reference to Omnivision Technologies Inc.

Others sued by the SEC include two former Primary Global employees -- James Fleishman, a former sales manager, and Bob Nguyen, an ex-technology analyst -- and three Primary Global consultants, Mark. A. Longoria, Daniel L. DeVore and Winifred Jiau. Nguyen, 32, and DeVore, 46, pleaded guilty and are cooperating with prosecutors.

Also on Feb. 3, prosecutors unsealed an indictment against Fleishman charging him with one count each of conspiracy to commit securities fraud and conspiracy to commit wire fraud. Source

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