Former hedge fund portfolio manager Donald Longueuil, who was recorded describing how he tore apart flash drives and tossed the pieces in the backs of garbage trucks when he feared the feds might be closing in, pleaded guilty Thursday to insider trading charges.
Longueuil, 35, who worked for SAC Capital Advisors, became the 34th defendant convicted in insider trading cases in the Southern District of New York since August 2009, amid a broader federal crackdown.
He agreed to forfeit $1,251,685 of ill-gotten gains, and the Justice Department agreed to recommend a prison term of 46 to 57 months.
The case against Longueuil highlighted the government’s use of stepped-up investigative tools in its campaign against insider trading. He was recorded telling a friend and alleged co-conspirator how he took a late-night walk around New York to scatter evidence, saying, “I pressed the eject button and everything’s [expletive] gone,” according to an FBI affidavit.
Meanwhile on Thursday, in a separate case, the Securities and Exchange Commission charged Jonathan Hollander, another former SAC employee, with trading on inside information through his own brokerage accounts. Without admitting or denying wrongdoing, Hollander reached a settlement with the SEC that calls for him to pay more than $191,000.
SAC was not accused of wrongdoing. A spokesman for the firm declined to comment Thursday, but the firm previously said Longueuil was dismissed in 2010 “due to poor performance.”
SuperFan Badge
SuperFan badge holders consistently post smart, timely comments about Washington area sports and teams.
Culture Connoisseur Badge
Culture Connoisseurs consistently offer thought-provoking, timely comments on the arts, lifestyle and entertainment.
Fact Checker Badge
Fact Checkers contribute questions, information and facts to The Fact Checker.
Washingtologist Badge
Washingtologists consistently post thought-provoking, timely comments on events, communities, and trends in the Washington area.
Post Writer Badge
This commenter is a Washington Post editor, reporter or producer.
Post Forum Badge
Post Forum members consistently offer thought-provoking, timely comments on politics, national and international affairs.
Weather Watcher Badge
Weather Watchers consistently offer thought-provoking, timely comments on climates and forecasts.
World Watcher Badge
World Watchers consistently offer thought-provoking, timely comments on international affairs.
Post Contributor Badge
This commenter is a Washington Post contributor. Post contributors aren’t staff, but may write articles or columns. In some cases, contributors are sources or experts quoted in a story.
Post Recommended
Washington Post reporters or editors recommend this comment or reader post.
You must be logged in to report a comment.
You must be logged in to recommend a comment.
Comments our editors find particularly useful or relevant are displayed in Top Comments, as are comments by users with these badges: . Replies to those posts appear here, as well as posts by staff writers.
All comments are posted in the All Comments tab.
To pause and restart automatic updates, click "Live" or "Paused". If paused, you'll be notified of the number of additional comments that have come in.
The Post Most: BusinessMost-viewed stories, videos and galleries int he past two hours
World Markets from
Other Market Data from
Key Rates from
Post Newsletters & Alerts
Sign-up for e-mail newsletters and alerts and get the news you need delivered directly to your inbox.
Get paid for your H I P I M P L A N T troubles.>>More ways to get us
Loading...
Comments