Ex-SAC Analyst Accuses Basically Everyone He Ever Worked With Of Insider Trading
Okay, technically not *everyone* but A LOT.
Wesley Wang, a former analyst for SAC Capital Advisors LP’s Sigma Capital unit, gave federal agents the names of about 20 people he said had traded on illegal inside information, some of whom are uncharged targets of the government’s investigation, U.S. prosecutors said…From November 2008 until January 2009, the FBI tapped Wang’s phones, the prosecutors said. He later agreed to cooperate with the government’s insider-trading investigation, making recorded phone calls and meetings to gather incriminating evidence on people with whom he had exchanged inside information, according to the letter. “Wang’s information and consensually recorded telephone calls and meetings enabled the FBI to pursue various avenues in insider trading investigations, which yielded tremendous success,” Assistant U.S. Attorneys Christopher LaVigne and Jillian Berman said in the letter to U.S. District Judge Jed Rakoff in Manhattan. “The importance of Wang’s information in this regard cannot be overstated.”
And apparently there’s more where that came from!
“The full extent of Wang’s information and cooperation remains to be realized,” LaVigne and Berman said in the letter.
Ex-SAC Analyst Identified 20 Inside Traders, U.S. Says [Bloomberg]