Former Consultants Dodge Prison for Insider Trader

Two men involved with the insider trading investigation at Primary Global Research, LLC have avoided jail time, Bloomberg Businessweek reports.

Mark Anthony Longoria and Walter Shimoon consulted for Mountain View-based PGR and gave up confidential information about the companies they worked for to hedge fund managers for money. 

Both Longoria and Shimoon pleaded guilty to conspiracy and securities fraud. Longoria also received a charge of making false statements. 

Manhattan District Court Judge Jed Rakoff gave Longoria and Shimoon sentences of two years’ supervised release, time served and fines, after their cooperation with the government led to the sentencing of others, including Tai Nguyen.