Opinion ID: 1086522
Heading Depth: 3
Heading Rank: 2

Heading: Jiau’s information as the basis for BCM’s

Text: trades in Marvell stock in late May 2008 Jiau denies that BCM used insider information from her to trade Marvell shares in late May 2008, contending that (a) BCM was also getting insider information from another tipper, Tai Nguyen; (b) too little time had elapsed between the time of her phone call with Barai, who was not in the office on May 23, and the first of BCM’s orders for Marvell stock; (c) there was no evidence of any directives from Barai to his staff to make the trades; and (d) BCM analysts reacted with disbelief to the information she provided and therefore could not have acted on it. Her arguments ignore and misinterpret the record evidence, including Jason Pflaum’s confirmation that the Marvell orders were placed right after the May 23 phone call, Barai’s expression of gratitude to Jiau on May 29, and Tai Nguyen’s lack of information about Marvell (he supplied information about NVIDIA). The surprise that the BCM analysts expressed in reaction to her information could reasonably have been understood by the jury as astonishment at the gap between Wall Street’s expectations and the data she reported, which they nevertheless exploited to build a large position in Marvell. When viewed in the light most favorable to the government, the evidence 11 at trial was easily sufficient for the jury to find that the essential elements of the insider trading offense had been established.