The FBI just arrested Stanley Ng for allegedly insider trading via his friend at an expert network.
Incredibly, Ng was the employee responsible for ensuring SEC laws were adhered to at Marvell.
According to Preet Bharara, “[Ng,] the person designated the SEC reporting manager for Marvell, was allegedly using his special access to non-public information to violate the very federal securities laws he was supposed to be assuring compliance with.
“As alleged, Stanley Ng and his co-conspirators traded inside information as casually as some people trade baseball cards.”
Ng is said to be friends with Winnie Jiau, who was recently put on trial for insider trading.
Remember Jiau was a consultant who Primary Global, an expert network, paid to provide company tips to their clients, investors.
Ng allegedly passed info to Jiau that he got from his job as an accountant at Marvell Technology.
And then Jiau passed them along to the clients that Primary Global arranged for her to speak to, including Sam Barai and Noah Freeman.
Ng’s name was revealed in court recently when Sonny Nyugen, a former senior financial analyst for Nvidia who pleaded guilty, said:
“Between 2007 and 2008 I agreed with others to engage in an insider trading scheme.”
“I provided material nonpublic information to my co-conspirators.”
[Judge] Rakoff interrupted him to ask, “Who was that?”
“That was Winnie Jiau and Stanley Ng, about Nvidia Corp. (NVDA)’s quarterly financial results before such information was public.”
“In exchange I received stock tips.”
The only alleged stock tip that Ng passed to Jiau was Marvell’s earnings in May 2008.