“(Reuters) – Federal prosecutors on Monday announced insider trading charges against a former Yahoo employee and a fund manager for illegally sharing and trading on secret company information.
The pair pleaded guilty in Manhattan federal court on Monday, the Manhattan U.S. Attorney’s office said in a press release.
They were also charged by U.S. securities regulators in a parallel civil proceeding. The SEC said it is pursuing a civil settlement with the two.
Prosecutors said Robert Kwok, 36, a former senior director of business management at Yahoo, had illegally tipped Reema Shah, 40, about an impending July 2009 partnership between Yahoo and Microsoft.”
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