Wesley Wang, a former analyst at SAC Capital Advisors, has given federal agents the names of about 20 people that he said had engaged in insider trading, according to a court filing, DealBook’s Peter Lattman reports.
The New York Times reports that U.S. federal prosecutors said the extraordinary assistance was still yielding results, as the government continues to circle SAC, the hedge fund owned by Steven A. Cohen.
The government described Wang’s cooperation in a letter filed in connection with Wang’s sentencing.
'In addition to the 20 names, the government said that information provided by Mr. Wang has contributed to the criminal convictions of more than 10 people', Lattman reports. Others are said to be named in the letter, but that section was heavily redacted. Wang’s sentencing is scheduled for Wednesday afternoon in Federal District Court in Manhattan, and prosecutors urged Judge Jed. S. Rakoff to be lenient.
'The full extent of Wang’s information and cooperation remains to be fully realized', the government said in the filing. 'Even taking into account what has been developed to date, it is exceptional'.
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