Donald Longueuil Pleads Guilty to Insider Trading

107652349 Donald Longueuil Pleads Guilty to Insider TradingTo refresh your memory, Donald Longueuil is a former speed skater whose (ex?) friend, Noah Freeman, secretly pleaded guilty to insider trading and then became a government informant. The government wired up Mr. Freeman to collect electronic evidence of Mr. Longueuil destroying electronic evidence, something Mr. Longueuil did with vigor when news of investigations into insider trading hit the pages of the Wall Street Journal. Via the medium of Blackberry Message, Mr. Longueuil obliviously described to Mr. Freeman–with cinematic detail (his pliers, his North Face jacket)–his various midnight runs to New York City dumpsters with pieces of computer hardware.

The case was also notable for being part of the government’s crackdown on the use of so-called expert networks, and because both Mr. Longueuil and Mr. Freeman were former employees of SAC Capital Advisors. Some saw the case as evidence that the Feds were beginning to encircle hedge fund manager Steve Cohen, despite SAC’s characterization of Mr. Longueuil and Mr. Freeman as rogue employees fired for “poor performance.” Mr. Longueuil will forfeit more than $1.2 million as part of his plea agreement.

 

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