NEW YORK Nov 5 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
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)