Oregon investment research president charged in NY
Friday, February 17, 2012
NEW YORK (AP) -- The president of an Oregon investment research firm has been arrested on conspiracy and securities fraud charges.
John Kinnucan of Portland, Ore., was awaiting an initial court appearance Friday in Manhattan. He was arrested late Thursday.
The president of Broadband Research LLC was accused of obtaining secrets about publicly traded companies and selling the information to Broadband's clients.
Prosecutors say those clients included hedge funds and money managers.
U.S. Attorney Preet Bharara said Kinnucan used financial incentives, fancy meals and other inducements to curry favor with public company insiders.
Authorities said Kinnucan then obtained inside information about earnings reports between 2008 and 2010 and relayed the numbers to his clients.
It was not immediately clear who will represent Kinnucan in court.