Ex-SAC Portfolio Manager Don Longueuil Has Changed His Mind and Will Plead Guilty to Insider Trading Today
Donald Longueuil, the former SAC Capital PM accused of insider trading and obstruction of justice, will enter a guilty plea on those charges today, according toBloomberg.
Originally Longueuil had pleaded not guilty to the charges, but in a hearing yesterday Assistant U.S. Attorney David Leibowitz told the Judge handling the case that Longueuil has changed his plea to guilty.
Yesterday's hearing was to discuss whether the court should separate Longueuil's case from another defendant and alleged insider trader, Wini Jiau, who worked for expert network Primary Global. Jiau has plead not guilty.
Longueuil could serve up to 20 years in jail "if convicted of the most serious charge against him,"Bloomberg reports.
Of all those arrested in the wake of the FBI's massive insider trading probe, Donald Longueuil's story was one of the most scandalous due to the alleged measures he took to destroy evidence after reading a WSJ article about the insider trading investigation, and the fact that his best friend in the world turned against him to help the FBI and save himself.
35-year old Longueuil worked for CR Intrinsic, a division of SAC.
This story originally appeared on Business Insider
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