Insider trading: Consultant James Fleishman convicted

Insider trading is the downfall of yet another Wall Street trader, as hedge fund consultant James Fleishman is convicted of insider trading for putting clients in touch with consultants at publicly traded companies.

Louis Lanzano/AP/File
In this file photo, former sales manager of Primary Global Research, James Fleishman arrives at Manhattan federal court on the first day of his hedge fund insider trading trial. Fleishman was convicted of insider trading today, Sept. 20, 2011

A former expert consultant to hedge funds has become the latest man to be convicted in a wide-ranging prosecution of insider trading on Wall Street.

James Fleishman (FLESH'-man) was convicted Tuesday of conspiracy and wire fraud by a jury in federal court in Manhattan.

Prosecutors say Fleishman helped arrange for Primary Global Research clients, including hedge funds, to speak with consultants. The government says Fleishman used his executive position at the Mountain View, Calif.-based firm to link clients with four consultants employed by publicly traded companies.

Authorities say Fleishman and others essentially purchased and sold insider information.

Sentencing is set for Dec. 21. The case was an offshoot of a prosecution of insider trading at hedge funds that already has resulted in several dozen convictions.

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