“His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated,” U.S. District Judge Richard Holwell said in imposing the sentence. Judge Holwell also ordered Mr. Rajaratnam to pay a $10 million fine.

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The verdict by the 12-member jury, following 11 days of deliberation, capped a blockbuster trial that started in early March featuring 45 recorded calls showing how the hedge-fund executive trafficked in insider tips provided to him by a web of contacts at the top tier of American business.

The widely watched trial exposed the behind-the-scenes dealings of a once-prestigious hedge fund that gained access to highly sensitive information about, among other things, Goldman Sachs Group Inc. at the height of the financial crisis. The government put at $63.8 million the amount in illegal profits and avoided losses Galleon realized through the scheme.

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Mark Anthony Longoriawas among four people charged in December. Federal prosecutors in New York City said he leaked confidential information about unannounced earnings to investors as part of his role as a consultant with Primary Global Research, a research firm based in Mountain View, Calif. He was charged with wire fraud and conspiracy to commit securities fraud and wire fraud

In the complaint, prosecutors said that Longoria provided Primary Global clients with revenue and gross margin information, sales figures and average sales prices and that he was paid more than $200,000 for the information, though Longoria’s attorney says that figure is incorrect and that the correct figure is closer to $130,000. The complaint quoted Longoria in a recorded call as saying he had “a buddy that works in finance” who gave him “nitty gritty details” about the company’s forecasts. It’s possible he could become a cooperating witness in the government’s ever-widening insider trading case.

Many years ago, before Google went public, I had an unusual late-night conversation in the lobby of the TED conference with its co-founder Larry Page about the prospect, about which–despite its inevitability–he had more than a little nervousness.

That would be: Taking the search company public.

After much ruminating, Page concluded that one of the more important reasons he felt compelled to have an IPO was to finally reward Google’s employees for all the work they had done to build the company.

While I have never had a similar chat with Facebook CEO Mark Zuckerberg about the powerful social networking company and an initial public offering, I suspect that he would not express any such sentiment.

And it’s not because Zuckerberg does not value his staffers any less than Page did–instead, it’s because he seems to value his privacy most of all.

I know–ironic!–given how many perceive the company to be cavalier about important issues related to disclosures of personal information uploaded to Facebook by the mountain-load daily by its hundreds of millions of users.

That aside, Zuckerberg’s clear intent to keep the lid on Facebook tight–with no information about the details of financial performance and other pertinent information a public offering would require be disclosed–is clearly about to become a nettlesome issue for the company.

While that effort at preserving secrecy by staying private has resulted in little more than cute Silicon Valley media guessing games about a possible IPO, its most recent machinations are too clever by a half.

That would be the new and giant investment from Goldman Sachs, as well as a deal to get $1.5 billion of pre-IPO shares in the hands of the investment bank’s rich customers.

Aside from the appalling image that only the very wealthy can get an early shot at Facebook shares, which instantly became a press meme yesterday after the Goldman deal was announced, pretending this single investment entity–called a “special purpose vehicle”–simply feels like a Wall Street trick.

Plus, a special purpose vehicle sounds like a car that bankers use to take people for a ride.

Thus, a gaggle of rich doctors in New Jersey are treated like one blob, instead of what is plainly true to all. As the old Latin legal phrase goes: Res ipsa loquitur (the thing speaks for itself).

Of course, this strategic move is designed to keep the number of primary stockholders under 500, which is the IPO tipping point for the Securities and Exchange Commission.

Therefore, by all means, let’s do it!

Or not, because I had an intense déjà vu about all this, and an unease that it felt vaguely familiar as a negative characteristic of Zuckerberg’s leadership that seems to cling to him.

That would be the dicey origins of Facebook, which remain a controversy to this day, including garnering an entire Hollywood movie on the subject.

Anyone with a passing knowledge of Facebook’s history knows the basic question: Did Mark Zuckerberg “steal” the idea for Facebook from the Winklevoss twins, as well as sandbag their efforts, while they were all students at Harvard University?

And, more to the point, was it illegal?

The Winklevii certainly think so, continuing in their Don Quixote quest to take Zuckerberg down in a series of ever-more-comical lawsuits.

For me, the answer is a lot more complex–I think Zuckerberg most definitely screwed with the Olympic rowing twins and it was very creepy that he did.

But, in terms of breaking the law, not so much.

Of course, if you are endeavoring to always act with ethics in your career, this should not be the bar set. But in practical terms, it was most definitely an aggressive knee-capping that is not uncommon in business.

Zuckerberg has shown similar tendencies many times since then, especially around the thorny issues of privacy, where fast-and-loose behaviors are quickly followed by the I’m-sorry-I-didn’t-mean-it excuses.

Okay, fine, I get it. Business is war.

But, as it moves into a more mature place, the question now is whether Facebook should keep stressing this kind of wink-wink-nudge-nudge propensity, because it feels–how can I say this in the nicest way–icky.

Plus it will surely attract unneeded attention from the SEC, which is already looking into the opaque market for trading shares of closely held companies and where Facebook is the star attraction.

And this is to say nothing of other issues–for example, could there be insider trading problems around the buying and selling of these private shares, as one person close to the situation has noted to me?

Facebook, of course, will defend what it is doing as above board, say it’s not unfair to give special access to its bounty to the very rich in what is essentially a private IPO and wag a finger at critics like me and tell us we don’t understand sophisticated financial issues.

But here’s what I grok without a Harvard Business School degree: It feels sneaky, it feels elite, it feels opaque, and this kind of fancy financing footwork could end in tears.

Because these legitimate questions on how Facebook handles its stock will continue to dog the company until–when he is good and ready (and finances at Facebook look prettier)–Zuckerberg eventually pulls the trigger on an IPO.

It would be nice, even if Wall Street applauds his cleverness, if he didn’t keep shooting himself in the foot along the way.

The latest to be arrested is Winifred Jiau, 43, of Fremont, Calif. Like others charged or arrested on Dec. 16, she has ties to Primary Global Research. She’s accused of providing inside information to Primary Global clients who were portfolio managers at hedge funds of Nvidia and Marvell Technology during a period from 2006 to 2008. Prosecutors say she collected $200,000 during that time. She’s facing charges of conspiracy and securities fraud.

In August of 2008, the complaint says, she provided managers of two hedge funds with detailed numbers for quarterly revenues, per-share earnings and gross margins for the quarter ending that month. The complaint says that in the conversations she made it clear she had obtained the information directly from an employee of Marvell. The funds in question–they were not named in the complaint–allegedly made $820,000 on trades from the information.

On Aug. 8, 2008, the complaint says, Jiau provided the hedge fund managers with an early look at Nvidia’s quarterly revenue and told them it planned to announce a stock buyback, which it did four days later.

I’ve embedded the complaint below.

Jiau, Winifred Complaint

Secrets about tech companies are a major feature of the insider trading charges unveiled so far. Companies including AMD, Dell, Research in Motion, Marvell, Western Digital, Taiwan Semiconductor, Sierra Wireless and Broadcom allegedly had secrets leaked about them — including revenue and sales forecasts.

The alleged secrets passed about Apple products and product sales came courtesy of a business development official at Flextronics, Walter Shimoon, according to the government’s legal complaint released today. The government said Flextronics had business dealings with Apple, including supplying parts such as the camera and charger components for the iPhone and iPod.

Shimoon, according to the insider-trading charges, gave an unnamed government witness a secretive chat about a brand new Apple device in the works. The conversation took place in Oct 2009, nearly four months before the introduction of the iPad.

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James Fleishman, 41, of Santa Clara, Calif., a sales manager for a research firm called Primary Global Research, based in Mountain View, was arrested on charges of wire fraud and conspiracy. According to a statement from Manhattan U.S. Attorney Preet Bharara, Fleishman conspired to provide confidential information, including material, non-public information to the firm’s clients using a network of employees at various tech firms.

One was Daniel Devore, a global supply manager at Dell who also worked as a consultant for the research firm. Devore pled guilty on Dec. 10 to charges of wire fraud and conspiracy to commit wire fraud. The complaint against him says he was paid more than $145,000 during a period starting in late 2007 and ending in Aug. 2010 for providing inside information on Dell’s suppliers. Devore is said to be cooperating in the case.

Three more people were arrested today, all on charges of wire fraud and conspiracy to commit wire fraud:

Mark Anthony Longoria, 44, of Round Rock, Texas, worked as a supply chain manager for Advanced Micro Devices. The complaint says Longoria provided Primary Global clients with revenue and gross margin information, sales figures and average sales prices, all very useful to stock traders. According to the complaint he was paid more than $200,000 for the information.

Walter Shimoon, 39, of San Diego, worked for Flextronics, the Singapore-based contract manufacturer as its senior director of business development. Between 2008 and 2010, the complaint says, he was paid $22,000 for consultation calls with Primary Global clients during which he supplied insider information about Flextronics’ dealings with Apple, filling them in with confidential details about the forthcoming iPhone models, and about the iPad.

Manosha Karunatilaka, 37 of Marlborough, Mass., worked for Taiwan Semiconductor Corp., the massive chip foundry company. The complaint says he provided Primary Global clients with insider information on that company, including confidential sales and shipping information, and was paid $35,000 between January of 2008 and June of 2010.

There’s more details here from The Wall Street Journal.

The criminal complaint is below:

Shimoon, Et Al. Complaint

Wall Street analysts have been left bewildered in recent days, as federal prosecutors begin to home in on insider-trading cases that appear to involve routinely published information about public-company supply chains.

Case in point: Apple Inc., one of the hottest stocks of the past year, for which an entire industry of well-known and obscure analysts and “expert networks” scramble to report every detail of the company’s undisclosed production plans.

The proliferation of such research raises questions about where prosecutors will draw the lines that define insider trading.

Read the rest of this post on the original site »

He thinks SecondMarket–best known for its facilitation of trading of private tech company stock–is a way to bring back a human touch. SecondMarket doesn’t necessarily replace an IPO.

But for companies like Facebook, LinkedIn and eSolar, SecondMarket trading slots into a pre-IPO dead zone driven by the longer average time to a public offering–now something like 8.8 years.

“Private to public in the past was like a light switch,” Silbert said at a Startup2Startup dinner in Palo Alto, Calif., last night. “It should be more of a dial.”

So, SecondMarket has facilitated $261 million worth of shares exchanged this year for 40 companies, compared to $96 million for all of last year driven primarily by Facebook, Zynga and LinkedIn.

SecondMarket works directly with these companies to set the terms of their own market on its system: For example, who can buy shares and when, if and when they can resell them, and whether insider trading is prohibited.

While outside investors obviously don’t have the same level of financial insight into a company as they would in the public markets, SecondMarket’s inventory consists of closely watched companies. Plus, it’s set up to attract very interested and agreeable investors, Silbert claimed. SecondMarket’s fees are quite high: Two to four percent of a transaction, with an average of $1 million to $1.5 million spent per deal.

As SecondMarket is evolving alongside the companies in its marketplace, here are some trends Silbert said he is seeing:

• Some participating companies use SecondMarket to reduce their number of shareholders so they have the breathing room to award more common stock to new people without triggering the SEC’s reporting obligations for companies with 500 shareholders.
• Rather than adopting conventional trading hours, some companies are setting specific time periods when their shares can be sold. SecondMarket is encouraging companies to set up a Dutch auction, where everybody who participates clears the same price.
• Silbert said that as a rule of thumb, the 40 companies currently trading on SecondMarket have raised Series C funding, have a valuation of at least $150 million, have more than 50 shareholders and have high growth. He said he sees an opportunity for investors to create funds to invest across the board. “Of the 40 companies, every single one of them has gone up in a pretty significant way. There’s a lot of money to be made here. Right now it’s just for accredited investors, but this is where the returns are.”
• Some companies are offering employees “hypothecation” plans: Funding loans to exercise options so employees can set themselves up to pay long-term capital gains instead of regular income. Silbert jokingly described this as a way to “basically screw the IRS.”

The company announced the new policy last week, say people familiar with the matter. The policy says employees who sell their shares could face disciplinary action or be fired, one of these people said. The new rule also leaves room for the company to open a trading window during which employees would be allowed to sell shares in the future.

Facebook spokesman Larry Yu said the company implemented the “insider trading policy to better comply with insider trading laws and to protect the interests of the company and its employees and shareholders.”

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“Bob Moffat, who had been placed on a leave of absence as a result of a US federal investigation into his personal activities, is no longer an employee of IBM,” the message reads.

A terse farewell for a man who was reportedly a trusted lieutenant of Sam Palmisano, IBM’s (IBM) chief executive officer, and one of his possible successors. Moffat, after all, is a 31-year IBM veteran, a “true-blue” company guy who used to boost employee morale by wearing kilts and sumo wrestler suits. Clearly, the company wants to put as much distance between itself and anyone linked with what’s being described as one of the biggest insider-trading schemes of all time–even if he is an archetypal IBM executive.

Moffat, for his part, insists he left the company of his own accord. “[He] retired from IBM, he was not terminated or fired,” said his attorney, Kerry Lawrence, who also noted that the exec is “still asserting his innocence….[He left] so he could devote his time and energy to defending himself against the charges.”

“No one in our legal department or management knows anything about this,” said Paul Otellini, chief executive of the chip giant, in an interview at The Wall Street Journal’s headquarters in New York.

An executive in Intel’s treasury department, Rajiv Goel, is one of those facing conspiracy and securities-fraud criminal charges, as well as civil insider-trading charges, in the investigation into Galleon, a hedge fund at the center of the biggest insider-trading case in decades.

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The 53-year-old IBM (IBM) veteran, a senior vice president and a close confidant of IBM Chief Executive Samuel Palmisano, was arrested last week and accused of leaking sensitive data as part of an insider-trading ring that prosecutors say is the biggest in a generation.

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A federal judge has dismissed the Securities and Exchange Commission’s insider-trading case against Mark Cuban, the AP reports. Astonishingly, Cuban has yet to say anything about this on his blog or his Twitter account. But I assume that will be rectified shortly.

UPDATE: That took a while–nearly two hours by my estimate. But here’s Cuban’s initial post-court Tweet (click to enlarge):

At the D7 conference in May, Cuban declined to talk about the case, which revolved around allegations that he dumped shares he owned in search engine Mamma.com after learning of a secondary offering. But even his noncomment was interesting. From my transcript of his  interview with Kara Swisher and Walt Mossberg:

“Kara and Walt: Tell us about your fight with the SEC? Mark: No. [Pause] ‘When someone in the government wants you, it’s not a good place to be. You don’t want to be someone’s skin on the wall.’ Kara: ‘Do you know how it’s going to turn out?’ Mark: ‘Yes.’”

Here’s a highlight reel of the interview; you can see the entire session here.

]]> http://allthingsd.com/20090717/mark-cuban-beats-the-sec-judge-tosses-insider-trading-case/feed/ 0 http://allthingsd.com/20090414/barring-11th-hour-reprieve-nacchio-to-report-to-prison-tuesday/ http://allthingsd.com/20090414/barring-11th-hour-reprieve-nacchio-to-report-to-prison-tuesday/#comments Tue, 14 Apr 2009 18:56:40 +0000 Ashby Jones http://voices.allthingsd.com/?p=10733 When we last used our waterfall metaphor in regard to Joe Nacchio, the former Qwest (Q) CEO convicted two years ago on insider-trading charges, an inquiring reader asked if we’d bring Nacchio back up the fall if and when the Supreme Court reversed his conviction. Our answer: absolutely. We’ll airlift him back and deposit him safely on the riverbank, well out of harm’s way. We might also give him a blanket and a picnic basket stuffed with goodies.

But for now, things don’t look so good. His fall is about to begin. On Monday, the Tenth Circuit denied his request for bail pending the Supreme Court’s decision on whether to take up his case. Barring an eleventh-hour reprieve Tuesday morning from Supreme Court Justice Stephen Breyer, who oversees the Tenth Circuit, Nacchio will report to prison later today.

Read the rest of this post

]]> http://allthingsd.com/20090414/barring-11th-hour-reprieve-nacchio-to-report-to-prison-tuesday/feed/ 0 http://allthingsd.com/20081129/total-fiction-there-is-no-20-billion-microsoft-deal-to-buy-yahoo-search/ http://allthingsd.com/20081129/total-fiction-there-is-no-20-billion-microsoft-deal-to-buy-yahoo-search/#comments Sun, 30 Nov 2008 05:40:26 +0000 Kara Swisher http://kara.allthingsd.com/?p=7131

A report in the Times of London in which Microsoft would buy Yahoo’s search business in a convoluted $20 billion deal that would include well-known Internet execs Jon Miller and Ross Levinsohn, is–in the words of one key player–”total fiction.”

Actually, that’s Levinsohn speaking, on the record. But that’s also the essential word from all key players regarding the Times’s report.

BoomTown has spoken to top sources at Yahoo (YHOO) and Microsoft (MSFT) too and all scoff at such a deal now taking place or that either side has been in any such discussions of late.

Yahoo’s entire market cap, in fact, is only $16 billion.

Rumors of Microsoft buying all of Yahoo have popped up regularly since it abandoned its failed takeover bid, all of which have been untrue.

That’s not to say there will not be some search deal between Yahoo and Microsoft, which seems more than likely at some point.

It makes sense on many levels and is supported by Carl Icahn, the Yahoo board member who upped his money-losing stake in the company last week.

That stock purchase should be enough of a reason for there to be no Microsoft-Yahoo search deal imminent, given Icahn would be more than well aware of it and buying up almost seven million Yahoo shares–now at historic lows–only days ago would smack of insider trading.

Still, the report in the Times has an unusual level of detail, involving Microsoft giving large gobs of money to Levinsohn and Miller.

Wrote the Times:

Under the terms of the proposed transaction, Microsoft would provide a $5 billion facility to the Miller and Levinsohn management team. The duo would raise an additional $5 billion from external investors.

This cash would be used to buy convertible preference shares and warrants which would give it a holding in excess of 30% of Yahoo.

The external investors would also have the right to appoint three of Yahoo’s 11 board directors. The talks with Yahoo involve Microsoft obtaining a 10-year operating agreement to manage the search business. It would also receive a two-year call option to buy the search business for $20 billion. That would leave Yahoo to run its own e-mail, messaging, and content services.”

Sounds good, except it’s the first time Levinsohn has heard of the plan, he said. Sources at Microsoft and Yahoo also said there was no deal like that in the making at this point in time.

Earlier this year, there was also another deal involving Icahn, before he gave up his proxy fight against Yahoo in exchange for a board seat, which did involve Levinsohn and Miller taking over Yahoo.

But, as has happened to many schemes involving Yahoo, it never came to pass.

Interestingly, there was also a similar investment deal as the one described in the Times, many months ago, just after Microsoft had walked away from its takeover battle for Yahoo.

It involved a very complex transaction involving Microsoft buying a large stake in Yahoo shares, running Yahoo’s search business for a time period and giving Yahoo a huge guaranteed revenue stream.

But that deal had already been spurned by Yahoo for the search-ad deal with Google (GOOG), which collapsed recently under intense regulatory scrutiny.

That has focused a lot of attention back on a possible deal between Yahoo and Microsoft, the No. 2 and No. 3 players in search, both of which have been chasing Google without any success.

Microsoft, despite spending billions, has been lagging badly behind Yahoo, which has more than doubled its share.

And that is precisely why it has long been interested in acquiring Yahoo’s search business.

Microsoft CEO Steve Ballmer has said the software giant is not interested in buying Yahoo many, many times, although he has not ruled out a search deal of some sort.

But Microsoft, many sources said, has been waiting for Yahoo to get another CEO in place, after Yahoo CEO Jerry Yang recently said he was stepping down to make way for a new leader.

Yahoo has also said in recent days that it is not currently engaged in any kind of talks with Microsoft, even about a more likely search deal.

At least in this chapter of the drama that has engulfed Yahoo over the last year, believe them.

[Full disclosure, though run separately, The Times of London is owned by News Corp. which also owns this Web site.]

]]> http://allthingsd.com/20081129/total-fiction-there-is-no-20-billion-microsoft-deal-to-buy-yahoo-search/feed/ 9 http://allthingsd.com/20081118/mark-cuban-on-second-thought-i-do-have-some-things-to-say-about-these-sec-charges/ http://allthingsd.com/20081118/mark-cuban-on-second-thought-i-do-have-some-things-to-say-about-these-sec-charges/#comments Tue, 18 Nov 2008 19:15:59 +0000 Peter Kafka http://mediamemo.allthingsd.com/?p=1177 Yesterday, I suggested that the SEC may have finally muzzled Mark Cuban by filing insider-trading charges against him. My reasoning: It’s one thing to mouth off about, say, the NBA or Google, and quite another to prosecutors wielding a serious civil suit.

But I’m quite glad I’m wrong. Cuban can’t help himself, and has already begun waging a high-profile campaign against the regulators who are suing him.

Yesterday, someone in Cuban’s camp gave the New York Times what is purportedly an email from a SEC lawyer to Cuban; the letter seems to indicate that Cuban and the SEC had already been feuding over “Loose Change,” a documentary Cuban had funded that is critical of President George Bush.

Today, Cuban uses his personal blog to sound off against the SEC once again. Here’s the complete text, in case Cuban (or his lawyers) has second thoughts about carrying this on in public. But we don’t think he will:

November 18, 2008

On behalf of

Mark Cuban

RE: SEC Civil Action in the United States District

for the Northern District of Texas, Dallas Division

The SEC knows their case centers on one telephone conversation between two individuals–4 years ago. The SEC claims there was an agreement between these parties to the conversation to keep certain information confidential. We interviewed Guy Faure, the former CEO of Mamma.com Inc., with whom the SEC claims Mr. Cuban made an agreement. We had a court reporter transcribe the interview. There was no agreement to keep information confidential. Here is a relevant excerpt from the interview with Mr. Faure:

CHRISTOPHER CLARK :

1) Q- We spoke earlier about you were telling Mr. Cuban in words or substance : “I have confidential information for you”.

A- Right.

2) Q- Do you recall anything Mr. Cuban said in response or reply to that statement by you ?

A- No, I do not.

The SEC knows this-they have the transcript, yet they brought the case anyway. Why? Do they have a different statement from Mr. Faure ?

Why did the SEC end their multi-year investigation of Mamma.com Inc. for alleged securities laws violations days before interviewing present and former Mamma.com Inc. executives about this matter? Was the timing a coincidence? We think not.

Any inquiries respecting this release should be directed to Stephen Best at Dewey & LeBoeuf LLP (202) 346-8735.

——————————

——————————Stephen A. Best

Partner

Dewey & LeBoeuf LLP

1101 New York Avenue, N.W., Suite 1100

Washington, D.C. 20005″

[Disclosure: I once bought Mark Cuban an Amstel Light.]

]]> http://allthingsd.com/20081118/mark-cuban-on-second-thought-i-do-have-some-things-to-say-about-these-sec-charges/feed/ 0 http://allthingsd.com/20081117/how-to-shut-mark-cuban-up-sec-insider-trading-charges/ http://allthingsd.com/20081117/how-to-shut-mark-cuban-up-sec-insider-trading-charges/#comments Mon, 17 Nov 2008 19:05:03 +0000 Peter Kafka http://mediamemo.allthingsd.com/?p=1154 Investor/blogger/entrepreneur/Dallas Mavericks owner Mark Cuban doesn’t shy away from the spotlight. Just ask him–if you can get a word in edgewise. But now Cuban, best known for selling Broadcast.com to Yahoo (YHOO) for billions during Bubble 1.0, then selling his shares before Bubble Burst 1.0, is staying mum.

That’s because the SEC has filed insider trading charges against Cuban, alleging that he “avoided losses of $750,000″ by dumping shares of search engine Mamma.com after learning about a secondary offering. The SEC’s complete complaint is embedded below (to make legible, click icon on top right of document, then on the “+” key to increase document size).

And Cuban, understandably, is biting his tongue, very hard. Here’s his complete nonresponse, published on his personal blog:

The SEC

Nov 17th 2008 1:20PM

RE: SEC Civil Action in the United States District for the Northern District of Texas, Dallas Division

November 17, 2008

Mark Cuban today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District for the Northern District of Texas, Dallas Division. In its complaint, the Commission charges that Mr. Cuban engaged in violations of the federal securities laws in connection with transactions in the securities of Mamma.com Inc.

I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.

This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.

Mr. Cuban stated, ‘I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.’”
——————————

Comp 20810

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