The former SAC Capital portfolio manager Don Longueuil dodged the press this afternoon to enter a guilty plea to conspiracy and securities fraud.Longueuil, whom the government charged with insider trading in February, described his insider trading scheme like this, “[From 2004 to 2010, I was employed at two separate hedge funds, and] from 2006 to 2010, I conspired to obtain material nonpublic information [in order to] cause those hedge funds to profit.”
“In 2008, I conspired with Sam Barai,” to obtain information about Marvel. “I caused a hedge fund to purchase shares of Marvel with the intent to profit.”
“I’m sorry for the harm my actions caused my family and loved ones,” he said. “I learned a lot from this experience and I look forward to applying those lessons in moving forward with my life.”
Longueuil will appear in court again on July 29th. Until then, he is not allowed to leave New York or Manhattan except for a vacation starting tomorrow. (He’s going to Sarasota to visit with his future mother in law. Longueuil is engaged to Mackenzie Mudgett, who works for Boston Consulting Group.)
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