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Man Who Foiled Otherwise Foolproof Evidence-Destruction Plan Rewarded

Ex-SAC Capital portfolio manager Noah Freeman has caught a nice break, and all he had to do to get it was commit securities fraud with his colleague and best friend and then record said colleague and best friend incriminating himself.
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"Did you throw this in here? I didn't throw this in here."

Former SAC Capital trader Don Longueuil had an ingenious plan to get away with insider trading: All he had to do was smash the hard drives containing the incriminating evidence into little pieces and then go for a long evening walk around the Upper East Side on garbage night, throwing bits into different sanitation trucks. And it would have worked, too*, if it weren’t for his meddling “friend” and fellow insider-trading SAC alum, Noah Freeman, who recorded Longueuil’s live blow-by-blow account of his stroll for the enjoyment of the FBI. For that bit of treachery—and for his help in bringing Steve Cohen to his knees and however briefly, and for putting away noted lobster-killer Winnie Jiau, Noah may never work in this town again. But he will not be donning an orange jumpsuit.

Noah Freeman’s cooperation in the probe was “extraordinary,” said U.S. District Judge Jed Rakoff in Manhattan….

As part of his sentence, Rakoff also ordered Freeman to forfeit $181,000. In 2011, the judge ordered Freeman to disgorge more than $833,000 to settle related SEC insider-trading allegations.

Ex-SAC Fund Manager Who Aided Insider Probe Avoids Prison [Bloomberg]
Cooperator in SAC Probe Receives No Jail Time [WSJ]

*Not really.


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