Today the SEC announced that it charged 6 Primary Global consultants with insider trading. Everyone the SEC is charging has already been arrested for insider trading, but the 6 are only just now being charged by the SEC.
The SEC’s charges follow action by the Feds.
The SEC alleges, according to their complaint:
Mark Anthony Longoria, Daniel L. DeVore, Winifred Jiau and Walter Shimoon obtained material, non-public confidential information about quarterly earnings and performance data and shared that information with hedge funds and other clients of PGR who traded on the inside information.
PGR employees Bob Nguyen and James Fleishman acted as conduits by receiving inside information from PGR consultants and passing that information directly to PGR clients.
In other words, the SEC thinks Longoria, DeVore, Jiau, and Shimoon had the insider information, and Nguyen and Fleishman passed it on to PG’s clients.
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