Image via CrunchBaseA previously employed financial analyst of Nvidia Corp has confessed of being guilty to a punishable criminal offence on Friday. 39-year-old Sonny Nguyen was being investigated in a U.S. probe of insider trading at expert networking firms and hedge funds. He confessed in front of the U.S. District Judge, Jed Rakoff, in New York that he provided illicit information to a former Primary Global Research consultant, Winifred Jiau, secretly in 2007 and 2008. He disclosed that this information was related to chipmaker Nvidia's quarterly financial situation, before it was actually announced publicly.
Jiau is a former technology consultant at Primary Global, in California, and has now been summoned by the court to stand by the same judge on 1st June. Nguyen has now been released after acquiring a bail for $100,000, and is now likely to testify at the trial, according to the records of the court. Nguyen is one of the fourteen people who are suspected and being critically examined in the investigation of expert networking firms which matches the investment managers with public companies.
Nguyen has pleaded guilty to the charges of conspiring and conducting wire fraud and securities fraud, he stated that "I provided material nonpublic information to my co-conspirators ... about Nvidia Corporation quarterly financial results and in exchange I received similar stock tips." Nguyen indentified to the judge, that his top two co-conspirators in this illegal activity were Winifred Jiau and Stanley Ng. Being unclear whether Ng is a name or a nickname.
According to the spokesperson of the California-based Nvidia, Santa Clara, this confession statement has put Nguyen on administrative leave, though he has already resigned from the company, and declared his intentions to confess his crimes of being involved in this case. The official statement of Nvidia stated that "He has now resigned. This was a clear violation of law and our company policies." She also added that "we continue to cooperate fully with the New York U.S. attorney's office and the FBI."
It was also unofficially pointed out by the court that fund manager of hudge, Samir Barai, is expected to plead guilty soon on this Friday. Probably he has also confessed all the charges against him, declaring him to be guilty of trading on illegal tips provided by Jiau.
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