On May 27, 2011 Friday in the U.S. District Court for the Southern District of New York, Sonny Nguyen pleaded guilty for the charge of conspiracy to commit securities and wire fraud. The case entitled U.S. v. Nguyen, 11-CR-161 is one of the insider trading cases filed at the federal courts in Manhattan.
The accused Sonny Nguyen was a senior financial analyst for NVIDIA, a trading company who develops programmable GPUs or graphics chips based in Santa Clara, California. At the trial presided by Judge Jed Rakoff, Nguyen revealed that he agreed to engage in an insider trading by providing material non-public information to other co-conspirators in exchange of stock tips. Those other co-conspirators were positively identified as Winnie Jiau and Stanley Ng. The said agreement was done between 2007 and 2008.
With this plea, Assistant US Attorney Avi Weitzman sees it as an act of cooperation with the government, thereby setting Nguyen as a witness against Jiau with respect to Judge Rakoff’s authority.
Due to this, Sonny Nguyen, instead of serving up to five years in prison was demanded for a personal recognizance bond of $100, 000 to remain free in traveling between California and New York.
In an interview, Nvidia‘s spokesperson gave a statement that Sonny Nguyen went on administrative leave and has now resigned at the company.
The government in its fight with the vast breaching of corporate fiduciary trusts, shows that our jurisdiction is serious in punishing this illegal act. We are just hoping that through this fight we will gain growth for our overall economy.