A NEW York court has sentenced a man to a four year prison 'break' after he admitted supplying insider knowledge to Hedge Fund managers.
John Kinnucan, a 55-year-old securities research analyst with Broadband Research LLC in Portland, Ore, admitted the offence on Tuesday 15 January.
The defendant has been in custody since his arrest last year after failing to meet bail. He appeared gaunt and wore a full beard as he apologized briefly before he was sentenced in U.S. District Court in Manhattan.
"I'd just like to say I'm very sorry to everyone involved," he told U.S. District Judge Deborah Batts. "It wasn't my intention and I'm deeply sorry."
The defendant's profile increased in late 2010 when he refused to cooperate with an FBI hedge fund trading inquiry by wearing a wire tap. His research firm had provided trade insights to hedge fund firms. The less than transparent information flow has become a target for investigators examining the exchange of non-public information on Wall Street.