Trader pleading guilty also worked at SAC Capital

NEW YORK Thu Nov 5, 2009 2:30pm EST

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NEW YORK Nov 5 (Reuters) - Ali Far and Choo Beng Lee, the former hedge fund traders turned government informants in the Galleon insider trading case, have admitted to engaging in illegal insider trading for many years, according to their cooperation agreements.

In the case of Lee, the agreements suggest that he engaged in illegal insider trading while working at Steven Cohen's SAC Capital, the Connecticut-based hedge fund.

The cooperation agreements, released on Thursday by federal prosecutors, say Far has admitted engaging in insider trading as far back as 2003.

In the case of Lee, the alleged wrongful conduct dates back as far as 1994. In both cases, this would suggest the men engaged in insider trading while working at other hedge funds before setting up their own fund, Spherix Capital, in 2007.

The cooperation agreements do not accuse Cohen or anyone else at SAC of wrongdoing. Lee has not been been associated with SAC since January 2004.

SAC was not immediately available for comment. (Reporting by Matthew Goldstein, editing by Leslie Gevirtz)

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