Noah Freeman, a former hedge-fund manager, said no other source “was within any distance” of the accuracy of nonpublic information provided by Winifred Jiau, a former consultant to California expert-network firm Primary Global Research LLC. Ms. Jiau, who has been jailed since her arrest on Dec. 28, is on trial in federal court in Manhattan on conspiracy and securities fraud charges. She is the first person to go to trial in an alleged insider-trading scheme involving expert-network firms. She has denied wrongdoing.
“It was a different order all together. It was updated more frequently, far more accurate and far more detailed than any source we ever developed,” said Mr. Freeman, who has pleaded guilty to criminal charges and is cooperating with prosecutors.