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Primary Global Research scandal
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This article concerns a legal case in which charges have been made but a verdict is pending. Forthcoming news information will provide more information to the benefit of this article
In late 2010, one of Primary Global Research's top sales executives and three of the firm's former 'consultants' were arrested on insider trading charges.[1] Primary Global sales manager James Fleishman was arrested on December 16 for "arranging for clients, including hedge funds, to speak with consultants knowing that consultants would provide confidential information, including inside information, to clients."[2] The charges carried up to a 25 year sentence;[3] Fleishman received a 2.5 year sentence.[4]
The three 'consultants' worked for technology companies and are alleged to have stolen inside information and peddled it to Fleishman. The three are Mark Longoria, a supply manager with AMD; Manosha Karunatilaka, a now-former account manager with Taiwan Semiconductor Manufacturing Co; and Walter Shimoon, 39, senior director of business development at electronics manufacturer Flextronics International.
Wiretaps related to the Galleon Group insider trading case[5] lead federal investigators to Primary Global. A cooperating witness in that case who was arrested in November 2010 is Don Chu, now 'separated' from Primary Global as their Taiwan liaison.[6]
