$50,000 Bail Set for Former Marvell Employee Who Leaked Inside Info
Bail has been set at $50,000 for Stanley Ng, a former employee of Marvel Technology Group LTD, according to the Wall Street Journal. The ex-employee has been accused of leaking confidential information by federal prosecutors.
Ng, who worked in the finance department, reportedly provided inside financial information to an employee of Primary Global Research LLC, Ms. Winifred Jiau, who the exchanged it with hedge fund managers, according to court documents. Ms. Jiau, 43, who consulted with Primary Global Research LLC, was convicted in June 2011 of conspiracy and securities fraud. She awaits sentencing for her crimes. Mr. Ng, 42, faces one count of conspiracy to commit securities fraud and wire fraud. He was arrested in Cupertino, California and bail was set at $50,000 on August 26, 2011 in federal court in Manhattan. He could receive as much as five years in prison for providing Ms. Jiau with the inside financial information on Marvel Technology Group LTD.