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- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
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Insider Trading Plea; Heightened Government Scrutiny
Manosha Karunatilaka, a former account manager at Taiwan Semiconductor Manufacturing, pleaded guilty to charges that he participated in an insider trading scheme tied to Primary Global Research, an expert network firm.
It's alleged that, from 2008 to 2010, Mr. Karunatilaka shared his company’s product sales and shipping information with clients of Primary Global. For his "services," he was paid more than $35,000 by the firm - so-called “consultation calls.”
Mr. Karunatilaka, who faces up to five years in prison, admitted that the inside information he passed along to others resulted in trading gains of more than $1 million. Sentencing is is scheduled for 9/15/11. [NYTimes, 5/11/11]

