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Kinnucan Gets Subpoena in U.S. Insider-Trading Probe

John Kinnucan, the analyst who refused to cooperate with an FBI request to wiretap clients, said he was subpoenaed as part of a federal probe into possible insider trading.

The information request was delivered today and seeks e-mails, financial and trading records, client contracts and other documents for the past two years, Kinnucan said in a telephone interview. Kinnucan said he’s cooperating and has not been accused of any wrongdoing.

“I’m happy to do it because I think it’s going to demonstrate my innocence,” he said in the interview. News of the subpoena was reported earlier today by Business Insider.

Kinnucan, whose Portland, Oregon-based Broadband Research LLC provides research on technology companies to hedge funds and mutual funds, told clients in October that he was visited by federal officials, who asked him to secretly tape a conversation with a fund manager they were targeting. Kinnucan, who wouldn’t name the manager, refused to tape the conversation.

Kinnucan said he sent the e-mail to about 50 people. Clients including Wellington Management Co. in Boston, Janus Capital Group Inc. in Denver and SAC Capital Advisors LP in Stamford, Connecticut, have since received subpoenas. None has been accused of any wrongdoing.

Galleon Case

The U.S. crackdown on insider trading began last year with the arrest of Raj Rajaratnam, founder of Galleon Group LLC, a New York-based hedge fund. The probe, led by the U.S. Attorney’s office in Manhattan, initially focused on fund managers and corporate executives, with 14 people pleading guilty. Rajaratnam has denied wrongdoing and faces trial next month in Manhattan federal court.

The investigation expanded to analysts and so-called expert-network firms with the Nov. 24 arrest of Don Ching Trang Chu, an executive at Primary Global Research LLC, a Mountain View, California-based company that connects investors with industry specialists who provide insight into a specific market. Chu was fired by the Mountain View, California-based company.

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