Head of Oregon firm indicted in NYC
Tuesday, February 21, 2012
NEW YORK (AP) -- The president of an Oregon investment research firm has been indicted on securities fraud charges in New York.
Federal prosecutors in Manhattan announced the indictment on Tuesday against John Kinnucan. He was arrested last week in Portland and jailed without bail after the government claimed he had left threatening voicemails messages with prosecutors.
Authorities have accused the president of Broadband Research LLC of using inducements to pump information out of public company insiders. They say he would then sell the information to hedge funds and money managers as if it were the product of legitimate research.
The indictment charged Kinnucan with conspiracy to commit securities fraud, conspiracy to commit wire fraud and securities fraud.
There was no immediate response to a phone message left Tuesday with Kinnucan's lawyer in Oregon.