LawFuel.com – Preet Bharara, the United States Attorney for the Southern District of New York, announced that TAI NGUYEN was sentenced today in Manhattan federal court to one year and one day in prison for conspiring to commit securities fraud and wire fraud in connection with an insider trading scheme in which NGUYEN, the president of Insight Research, LLC, an investment research firm, and a paid consultant of an expert networking firm, provided material, nonpublic information to members of the investment community.
NGUYEN obtained the information which concerned quarterly financial results for Abaxis Inc., a California biotechnology company (the “Abaxis Inside Information”), from a family member employed in Abaxis’s Finance Department (the “Abaxis Insider”). He pled guilty in June 2012. NGUYEN was sentenced by U.S. District Judge Naomi Reice Buchwald.
