Longueuil Pleads Guilty to Conspiracy, Securities Fraud
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Donald Longueuil, a former junior portfolio manager at SAC Capital Advisors LP, pleaded guilty to conspiracy to commit securities and wire fraud and to securities fraud as the U.S. cracks down on insider trading at hedge funds.
Longueuil, 35, entered the plea today before U.S. District Judge Jed Rakoff in Manhattan. Rakoff said that there was a plea agreement between the U.S. and the defendant and that Longueuil could face a prison sentence of 46 months to 57 months.