California man pleads in NY insider trading case
NEW YORK (AP) — A former employee of a California semiconductor company has pleaded guilty to an insider trading charge in New York City, admitting that he tipped hedge funds about his company's financial condition.
Stanley Ng (aing) entered the plea Wednesday in federal court in Manhattan to a single conspiracy charge. He admitted sharing inside information while working at Santa Clara, Calif.-based Marvell Technology Group Ltd.
He said he gave the secrets to Winifred Jiau (zhow). Jiau is serving a four-year prison sentence after her conviction in an insider-trading probe that focused on Wall Street consultants. Authorities say consultants matched public company employees willing to divulge secrets about earnings and mergers with hedge fund managers.
Ng is scheduled to be sentenced April 9. A plea agreement calls for him to receive up to a year in prison.