Those good folks at Bloomberg report that former SAC Capital Advisors LP portfolio manager Donald Longueuil, better known as the "garbarge man" for hiding digital evidence in the garbage, was sentenced to 30 months in prison for his role in an insider trading scheme that the U.S. says includes fund managers, so-called expert networking consultants and technology company insiders.
“I made mistakes,” Longueuil told U.S. District Judge Jed Rakoff before he was sentenced in New York. “I crossed the line. I broke the law.”
Longueuil, 35, pleaded guilty April 28 to a four-year conspiracy to commit securities and wire fraud and to securities fraud in a case that also included former SAC portfolio manager Noah Freeman, Samir Barai, founder of Barai Capital Management, and Jason Pflaum, an analyst who worked for Barai.
Prosecutors said Longueuil, Barai and Freeman were friends who pooled their illegal tips about technology companies in order to get a trading edge, while Pflaum assisted Barai in the scheme. All four men have pleaded guilty to federal charges. Freeman and Pflaum are cooperating with the government in its investigation while Longueuil and Barai aren’t cooperating….
http://www.bloomberg.com/news/2011-07-29/ex-sac-capital-manager-longueuil-sentenced-to-30-months-in-prison.html
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