NEW YORK (AP) — The head of an Oregon investment research firm has pleaded guilty to federal charges in New York.
John Kinnucan of Portland entered the plea Wednesday to conspiracy to commit securities fraud and two counts of securities fraud.
Kinnucan admitted using inducements as the president of Broadband Research LLC to elicit information from insiders at public companies. The government says he then sold that information as if it were legitimate research to clients such as hedge funds and money managers.
Kinnucan was accused of obtaining inside information about earnings reports from technology companies between 2008 and 2010 and relaying the numbers to his clients.
Kinnucan told Bloomberg News last July that he expected to be arrested after refusing to wear a wire to secretly record a money manager.
He has been incarcerated since he was accused of making obscenity-laced phone calls to prosecutors and FBI agents.
Sentencing was set for Jan. 15.
