A Nvidia financial analyst has admitted tipping off his mates in Wall Street about his outfit’s results.
Sonny Nguyen, 39, pleaded guilty to an insider dealing charge. He admitted that in 2007 and 2008, he told his mate Primary Global Research consultant Winifred Jiau about chip maker Nvidia’s quarterly financial results.
Jiau was a former technology consultant with Primary Global in California. He is to go on trial on June 1 and Nguyen, who was released on $100,000 bail and is expected to grass up two co-conspirators, Winifred Jiau and Stanley Ng.
Nguyen pleaded guilty to a charge of conspiracy to commit wire fraud and securities fraud.
According to Reuters, he put his hand up to providing material nonpublic information to his co-conspirators about Nvidia Corporation quarterly financial results.
His pay off was that he received similar stock tips.
Nvidia said in a statement that it put Nguyen on administrative leave after the company was told he intended to admit to involvement in the case.
It was a clear violation of law and Nvidia company policies and the chip maker would continue to cooperate fully with the New York U.S. attorney’s office and the FBI, the statement said.
Court records indicate that a hedge fund manager, Samir Barai, is expected to plead guilty to charges of trading on illegal tips provided by Jiau.