Category: Society / January 15, 2013 4:29 PM EST
A securities research analyst who had publicly refused to cooperate in the U.S government’s sweeping insider-trading probe was sentenced to more than four years in prison on Tuesday (January 15) after admitting he supplied hedge funds with illegal tips.
John Kinnucan, who had run Broadband Research LLC in Portland, Oregan was sentenced by U.S. District Judge Deborah Batts in Manhattan.
Kinnucan, 55, gained wide attention in the financial world in late 2010 with his public refusal to wear an FBI wire to cooperate with the government's trading probe. He was arrested last February on insider-trading charges, and later pleaded guilty to one count of conspiracy and two counts of securities fraud.
Kinnucan, who has been in custody since his arrest, had a full beard and appeared gaunt as he apologized briefly before the sentencing,
Whilst in custody Kinnucan was reported to have lost 35 pounds and became depressed.
In his guilty plea last July, Kinnucan admitted that he obtained confidential information from employees of public companies between 2008 and 2010 and supplied it to hedge fund clients.
He also admitted trying to obstruct justice by leaving intimidating voicemails and writing e-mails to federal prosecutors, Federal Bureau of Investigation agents, and a cooperating witness.