updated 05:35 pm EDT, Fri May 27, 2011
Former NVIDIA employee pleads guilty to trading
Sonny Nguyen, a 39-year-old financial analyst who worked for NVIDIA, has pleaded guilty to a criminal charge in an insider trading probe, according to a Friday report. Nguyen told US District Judge Jed Rakoff in New York that he tipped off former Primary Global Research consultant Winifred Jiau about NVIDIA's quarterly financial results before they were publicly announced in 2007 and 2008. Jiau herself was arrested back in December over insider trading.
Jiau will see Judge Rakoff herself at a trial on June 1, at which Nguyen will testify. Nguyen was released on a $100,000 bond. Nguyen has pleaded guilty to conspiracy to commit wire fraud and securities fraud.
"I provided material nonpublic information to my co-conspirators... about NVIDIA Corporation quarterly financial results and in exchange I received similar stock tips," Nguyen said in front of the judge.
Other than Jiau, Nguyen identified Stanley Ng as another co-conspirator, though it's not yet known who this is or where he's employed.
NVIDIA put Nguyen on administrative leave once it found he was involved in this case. He has since resigned as his actions are a violation of law and company policies.