A former technology analyst at expert networking firm Primary Global Research avoided jail time on Thursday after a judge praised his 'very substantial assistance' in cooperating with a government insider-trading investigation.
Reuters reports that Bob Nguyen, 34, who pleaded guilty in January 2011 to leaking confidential corporate information to hedge funds, received two years of probation from U.S. District Judge Jed Rakoff in federal court in New York.
'I'm very sorry for what I've done, and I will never do it again', Nguyen told Rakoff before the sentence was imposed.
Rakoff said Nguyen's sentence should not be seen as a suggestion that insider trading is a minor issue. Instead, he said, it was a reflection of the fact that such prosecutions frequently require cooperation to succeed.
The Justice Department's insider trading probe has secured 75 convictions since 2009, according to a spokeswoman. In July, prosecutors indicted the $14bn hedge fund SAC Capital Advisors, which has pleaded not guilty to insider trading charges.
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