Bloomberg reports that Wang recorded phone calls and wore a body wire, incriminating about 20 people in insider trading, some of whom haven’t yet been charged, prosecutors said. U.S. District Judge Jed Rakoff, citing Wang’s cooperation, Wednesday sentenced him to probation, instead of as many as 37 months in prison called for in federal sentencing guidelines.
'I apologize to the court and the public for breaking the insider trading laws', Wang, 39, told Rakoff in a hearing in Manhattan federal court. 'I’ve tried to make up for all the mistakes I’ve made. I hope your honor can see that I’ve left my former life behind and have started on a new path'.
Wang pleaded guilty last year to passing illegal tips to former Sigma Capital portfolio manager Dipak Patel and to Whitman Capital LLC hedge fund founder Doug Whitman. Wang’s testimony at Whitman’s criminal trial helped lead to his conviction on charges of conspiracy and securities fraud, prosecutors said.
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image: © Steve Punter