Hedge Fund Consultant Wesley Wang Admits To Passing Tips
by The Compliance Exchange on July 18, 2012
Wesley Wang, a hedge fund consultant who worked for Trellus Management and Sigma Capital, a division of SAC Capital Advisors LP, admitted that he passed inside information aboutCisco Systems Inc. (CSCO), Polycom Inc. (PLCM) and Marvell Technology Group Ltd. (MRVL)
Wang, 39, pleaded guilty to two counts of conspiracy to commit securities fraud in Manhattan federal court, according to a transcript of the July 13 hearing. He’s set to testify against Doug Whitman, the hedge fund founder indicted in February on charges of insider trading, at a trial slated to begin July 30, according to a filing by prosecutors in Whitman’s case.
In the hearing, Wang admitted he passed tips to Dipak Patel, a former portfolio manager at Sigma Capital, while he worked for the New York-based unit of SAC Capital from 2002 to 2005. Patel hasn’t been charged.
Read the full story at Bloomberg.
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