“(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.”
If you enjoy the content at iBankCoin, please follow us on Twitter
