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U.S. Attorney's Statement on Stanley Ng's Guilty Plea

U.S. Attorney's Statement on Stanley Ng's Guilty Plea

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Published by DealBook
Statement by Preet S. Bharara, the United States attorney in Manhattan, on Stanley Ng's guilty plea in an insider trading case.
Statement by Preet S. Bharara, the United States attorney in Manhattan, on Stanley Ng's guilty plea in an insider trading case.

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Published by: DealBook on Dec 07, 2011
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12/07/2011

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U
NITED
S
TATES
A
TTORNEY
S
O
FFICE
 
Southern District of New York 
 
U.S.
 
A
TTORNEY
P
REET
B
HARARA
 
FOR IMMEDIATE RELEASE CONTACT: Ellen Davis, Jerika RichardsonWednesday, December 7, 2011 Carly Sullivan,http://www.justice.gov/usao/nys (212) 637-2600
MARVELL FINANCE EMPLOYEE PLEADS GUILTY IN MANHATTANFEDERAL COURT TO INSIDER TRADING CHARGE
Preet Bharara, the United States Attorney for the Southern District of New York,announced that STANLEY NG, formerly the SEC Reporting Manager at Marvell TechnologyGroup, Ltd. (“Marvell”), pled guilty today in connection with his involvement in an insidertrading scheme. NG pled guilty before United States District Judge Jed S. Rakoff to conspiringto commit securities fraud and wire fraud by providing material, non-public information (“InsideInformation”) about Marvell to Winifred Jiau and Son Ngoc Nguyen, for the purpose of executing profitable securities transactions.Manhattan U.S. Attorney Preet Bharara stated: “Stanley NG was given access toconfidential, non-public information so he could ensure that his employer complied withreporting requirements for public companies that are mandated by federal law. Ironically, heused that access to trade on the information and to help others in his so-called ‘club’ do the same.He has now admitted his guilt.”According to the Information filed today in Manhattan federal court, the Complaint, othercourt documents filed in this case, and testimony from the trial of co-conspirator Winifred Jiau:NG was employed as the SEC Reporting Manager at Marvell from 2002 until 2010. Inthat capacity, he had access to Marvell’s non-public financial earnings before they were publiclyannounced. NG, and Nguyen, who was employed in the finance department of NVIDIACorporation (“NVIDIA”), were recruited by Jiau to join an “investment club.” As part of theclub, NG and Nguyen agreed to provide Jiau with material, non-public information regardingMarvell and NVIDIA, respectively. In exchange, Jiau agreed to provide them with stock tipsreceived from other individuals. The Inside Information that NG provided included detailed,non-public financial earnings of Marvell before the company publicly announced its financialresults.For example, in May 2008 and August 2008, NG provided Jiau with detailed andaccurate financial results for Marvell. At various times, Jiau and Nguyen purchased Marvellstock based on the Inside Information provided by NG. In addition, Jiau sold the InsideInformation that she received from NG to portfolio managers at hedge funds – including SamirBarai and Noah Freeman – who in turn used it to execute illicit securities transactions in Marvellstock.

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