NY judge sets $5M bail for head of Oregon firm

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NEW YORK (AP) -- Bail has been set at $5 million for the president of an Oregon investment research firm by a New York judge who will hear his securities fraud case.

A federal judge set bail Thursday for John Kinnucan (kuh-NOO'-kun). She rejected a government request to hold him without bail because he was a threat to the community.

Batts ruled after hearing a prosecutor in Manhattan and a lawyer for Kinnucan appearing with his client by videotape from Portland, Ore.

He has been jailed there since his arrest this month.

The government says Kinnucan used his position as president of Broadband Research LLC to lure secrets out of public company insiders. They say he would then sell the information to hedge funds and money managers as if it were legitimate research.