Neuberger Berman Group has put research analyst Fayad Abbasi on paid leave as it looks into insider-trading
Neuberger Berman Group LLC put research analyst Fayad Abbasi on paid leave, the New York-based investment firm said today in an e-mailed statement.
Abbasi's name emerged at the insider-trading trial of former Primary Global Research LLC sales executive James Fleishman, who was convicted Sept. 20 of conspiracy and securities fraud. Prosecutors showed the jury copies of e-mails Fleishman sent his customers which the U.S. said contained nonpublic information about technology companies. Abbasi was a recipient of some of Fleisman's e-mails.
“Through a news report, we were informed that a research analyst at our company was possibly under investigation,” a company spokeswoman said in the e-mail. “If there is an inquiry, our firm will cooperate with all authorities.”
Abbasi hasn't been accused of any wrongdoing. A call to a phone number listed for Fayad Abbasi in Larchmont, New York, wasn't answered.
News of Abbasi's leave was reported earlier today by the Wall Street Journal.
Neuberger Berman, Level Global Investors LP and Diamondback Capital Management LLC employees may face criminal charges as part of an insider-trading probe by U.S. authorities, a person familiar with the matter said Nov. 30. The charges may be filed as early as this month, said another person familiar with the probe who also wasn't authorized to speak because the matter isn't public.
The new allegations stem from a four-year federal probe by the office of Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation in New York, the first person said. Caroline Sullivan, a spokeswoman for Bharara, declined to comment on the new allegations.
Neuberger Berman manages more than $183 billion for clients including pension funds.
--Bloomberg News--
