Wife’s tips to husband net $600,000
Jennifer Wang, 31, was sentenced to 18 months for providing her husband with insider trading information, which she stole from her former employer, Morgan Stanley.
The information related to acquisitions of three publicly traded companies.
Wang’s husband, Rubin Chen, was also sentenced to 18 months imprisonment for trading based on the information provided.
The sentences were imposed in a Manhattan federal court
Wang and Chen each pleaded guilty in September to one count of conspiring to commit insider trading and three counts of insider trading. Wang, formerly a vice president and financial analyst at Morgan Stanley, and Chen, a former vice president and analyst at another financial services company responsible for managing hedge fund investments, netted over $600,000 from the scheme.
Wang and Chen, both of Englishtown, New Jersey, resigned earlier this year from their respective employers following a Securities and Exchange Commission inquiry and internal investigations conducted by Morgan Stanley and by Chen’s employer.
In addition to 18 months in prison for each defendant, the judge ordered them to forfeit $611,248 in illegal gains from the insider trading scheme.