Insider Trading Defendant Dresses in Banana Republic Pantsuits, Contravening Expert Advice
How do you dress an insider trading defendant for trial who is said to prefer the Cheesecake Factory to a clothing boutique?
The answer, according to Reuters, is in two dark-colored pantsuits from the Banana Republic. Winifred Jiau is accused of passing along insider trading tips while working at Primary Global Research, an expert network firm that connects traders to industry experts, the New York Times DealBook blog reports.
Jiau’s clothing choices are limited because of an order by U.S. District Judge Jed Rakoff of Manhattan, Reuters says. She can’t access her own clothes because she is being held as a flight risk. Rakoff’s order limits Jiau’s trial outfits to two suits, three blouses and one pair of shoes.
Jiau’s lawyer, Joanna Hendon, told Reuters her client is a “perfect petite size 2” and is dressing in the dark-colored Banana Republic pantsuits. Some trial consultants interviewed by Reuters disapproved of the color choice. One recommended softer colors like light blues and hues, while another recommended “happier colors” like yellows, oranges and reds.
One former trader testifying against Jiau said he and other co-conspirators gave her $120,000 for tips, but she also received gifts, according to the DealBook account. In one instance, traders canceled a boutique gift certificate at Jiau’s request and replaced it with a $300 gift card to the Cheesecake Factory, Noah Freeman testified.
Another employee at Primary Global Research, Don Ching Trang Chu, is expected to plead guilty today to one count of conspiracy to commit securities fraud and one count of conspiracy to commit wire fraud, the Wall Street Journal Law Blog reports.
