Preet Bharara, the United States Attorney for the Southern District of New York, announced that MARK ANTHONY LONGORIA, a former employee of Advanced Micro Devices (“AMD”) and a consultant for the expert networking firm Primary Global Research (“PGR”), and WALTER SHIMOON, a former employee of Flextronics International, Ltd. (“Flextronics”) and also a consultant for PGR, were each sentenced today to time served plus two years of supervised release for their participation in insider trading schemes during which they provided material, nonpublic information (“Inside Information”) obtained from their employers to certain PGR clients who were money managers. In addition, SHIMOON also provided Inside Information to John Kinnucan, who operated a research firm and then provided the information to certain money managers.
LONGORIA pled guilty pursuant to a cooperation agreement in June 2011 to one count of conspiracy to commit securities fraud, one count of conspiracy to commit wire fraud, one count of securities fraud, and one count of false statements. SHIMOON pled guilty pursuant to a cooperation agreement in July 2011 to two counts of conspiracy to commit securities and wire fraud and one count of securities fraud. LONGORIA and SHIMOON were sentenced today in Manhattan federal court by U.S. District Judge Jed S. Rakoff.