Donald Longueuil is a former SAC Capital trader who was accused of profiting off of some material non-public information back in February. The feds were able to bring charges against Donny thanks to his ex-best friend, Noah “Judas” Freeman, who also worked at SAC for a time (and took part in the alleged ill-gotten gains made off of tips from expert network analyst Winifred Jiau) and agreed to record conversations with Don in exchange for a lesser sentence and permission to go to Puerto Rico with his wife. As a refresher, here’s what they’ve got Donald on tape saying re: his USB flash drive (dramatic reenactment can be heard here):
“The night that Wall Street Journal article came out…I pressed the eject button and everything’s fucking gone…destroyed….everything. Fuckin’, I, uh…I chopped it up, chopped up everything. It was easy. You take two pairs of pliers and then you rip it open and then, it just a piece of NAND…So I just fucking ripped it apart right there…I had two external drives that had like wafer numbers on ‘em. Fuckin’ pulled the external drives apart. Destroyed the platter…put ‘em into four separate little baggies and then at 2am…2 am on a Friday night, I put this stuff inside my black North Face jacket and leave the apartment and I go on like a 20 block walk around the city…and try to find a garbage truck…and threw away the shit in the back of like random garbage trucks, different garbage trucks…4 garbage trucks. The Feds can try and find it but it’s all fuckin’ ripped apart…everything’s gone.”
After requesting in early April that the case be thrown out due to "lack of evidence," Longueuil ultimately pleaded guilty and was sentenced to a 46- to 57-months in jail. According to his lawyer, that timeframe is bull shit and does not take into account a couple important points about Don, like the fact that he only insider traded in his SAC account.
Longueuil is not the "greedy yuppie" portrayed by prosecutors, and deserves less time in prison for his "aberrational" conduct than the U.S. government wants, his lawyer said in a Friday court filing."Donald Longueuil has acknowledged his guilt and now comes before the Court to accept the consequences of his actions," the lawyer, Craig Carpenito, said in a filing in a Manhattan federal court. Carpenito requested the court to consider Longueuil's actions of not trading material nonpublic information in his personal accounts and of not having shared any of the insider information with his family or with anyone outside the conspiracy.
Hope this cleared things up.
Ex-SAC Exec No 'Greedy Yuppie' [Reuters]