Ex-SAC Trader Testifies to Using Inside Info

A former SAC Capital portfolio manager testified in federal court he conducted about 20 trades based on alleged inside information received from ex-Primary Global expert networking consultant Winifred Jiau. Noah Freeman reportedly said Tuesday he made "maybe a little more than a dozen" trades while at hedge fund Sonar Capital Management and "perhaps a half a dozen" trades at SAC, according to Reuters.

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Freeman pleaded guilty in February and is cooperating with the government to testify against Jiau, who is the defendant in an insider trading trial which has highlighted the role of expert-networking consulting firms.