SAC Fund Manager’s Tipper Nguyen Gets One Year In Prison

Gavel

An expert-networking consultant who leaked illegal tips to former SAC Capital Advisors fund manager Noah Freeman and other portfolio managers was sentenced to a year and a day in prison.

Bloomberg reports that the term imposed Thursday for Tai Nguyen by U.S. District Judge Naomi Reice Buchwald in New York is almost four years shorter than the sentence sought by prosecutors, who argued that Nguyen corruptly used his sister, then an employee at Abaxis Inc, to give him nonpublic information which he then sold to fund managers including Freeman, Barai Capital Management LP founder Samir Barai and others from 2006 to mid-2009.

Nguyen’s lawyer asked that the prison term be less than the 2 1/2 years recommended by probation officials, saying Nguyen was a refugee from Saigon, Vietnam, who emigrated with his family to the U.S. in 1975.

The judge ordered Nguyen to surrender to U.S. Bureau of Prison authorities by May 1.

'The law teaches to impose a sentence which is sufficient, but not greater than necessary', Reice Buchwald said. 'Apart from the history of the life of Mr. Nguyen, I accept his sincere remorse for the unusually severe consequences that his crime caused his family, and here it is an extended family bearing the consequences'.

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SAC Fund Manager’s Tipper Nguyen Gets One Year in Prison

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