Former Speed Skater Admits to Insider Trading

By Jonthan Dienst and Shimon Prokupecz
|  Thursday, Apr 28, 2011  |  Updated 3:24 PM EDT
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Former Speed Skater Admits to Insider Trading

Donald Longueuil leaves court on Feb. 8, 2011

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Donald Longueuil, a one-time Olympic skating hopeful, admitted Thursday to engaging in illegal insider trading while working at two major hedge funds.

“He is the latest example of a privileged professional who thought he was above the law and found out the hard way he surely was not,” said U.S. Attorney Preet Bharara.

Longueuil, 35, pleaded guilty to one count of securities fraud and another count of conspiracy just three months after he was arrested on the charges.

The athletic skater was accused of destroying his flash drive in an attempt to hide his crimes.

Longueuil, who grew up in Fairfield, Conn., had been living in a $1.8 million apartment along East 59th Street.  

Also charged were Longueuil associates Noah Freeman, Samir Barai and Jason Pflaum. In May 2008, several of the suspects allegedly obtained information about Marvell Technology and traded on that insider tip to profit more than $1 million. 

Freeman and Pflaum have pleaded guilty; Barai has pleaded not guilty.

Prosecutors said insider information also involved tips about Nvidia, Fairchild Semiconductor and Advance Micro Devices, among other companies.

SAC Capital said some of the men had been employed for a short time with the Stamford, Conn. hedge fund and had been let go due to poor performance.

Longueuil has agreed to forfeit $1.2 million as part of his plea deal. He will be sentenced in July.

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