More developments in the recent Marvell and Nvidia insider trading case. In December, we reported on charged consultant Winifred Jiau, 43, who had allegedly been feeding information on public companies to chums over at hedge funds as she supposedly worked through her expert-network company, Primary Global Research LLC.
Jiau is pleading not guilty.
Now a finger is being pointed at the founder of Barai Capital Management – one Samir Barai, 39. It hasn’t been confirmed but “a person familiar with the case” has shone blame his way, according to Bloomberg.
As the alleged co-conspirator 1 – or CC1 in the December complaint – it is suggested Barai egged on the whisperings to make a vast $820,000 or more profit on public companies. Bloomberg reports the insider trading probe is an overlap of another case with the New York hedge fund Galleon Group.
It’s alleged that CC1 heard tips from Jiau about Nvidia earnings as well as Marvell stocks. The case dates way back to May 2008 up to Nvidia’s Q2 2009 earnings, according to filings.
Barai is an ex Citigroup moneymaker and has not yet been charged.
Another person involved in the case, known only as Cooperating Witness 1, has been pegged as a research analyst for CC1. He was apparently ordered to talk to other co-conspirators to draw out helpful information on publicly traded companies which the hedge fund then profited from.