New York (HedgeCo.net) – Winifred Jiau, the only technology consultant who was denied bail in last week’s Government clampdown on insider trading at hedge funds is reported to have spoken to Reuters after her arrest.
Jiau says she was asked by FBI agents to cooperate in the probe a couple weeks before she was arrested, Reuters reported. “Initially the FBI just wanted me to be a cooperating witness,” Jiau said. Now she is being held on charges of conspiracy and securities fraud and facing a 25 year sentence. She has not yet entered a plea.
The prosecution alleges that Jiau gained $200,000 by selling information. She is scheduled to appear in court again on Jan. 12.
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