19:27:56 EDT Fri 03 Jul 2020
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SEC defendant Tsai makes his sentencing pitch

2020-01-09 20:09 ET - Street Wire

Also Street Wire (C-RY) Royal Bank of Canada

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by Mike Caswell

Former RBC Capital Markets analyst Bill Tsai, who awaits sentencing in New York for insider trading, has asked the judge to spare him jail. He claims to have learned the "terrible consequences" of his actions, having spent a night incarcerated and having lost his dream job. He says that he has brought shame upon himself and his family, both in the United States and in his native Taiwan.

The statements from Mr. Tsai come as part of a case in which prosecutors accused Mr. Tsai, 23, of using confidential information to buy out-of-the-money options ahead of a $1.7-billion takeover bid for Electronics for Imaging Inc., a digital imaging listing. (All figures are in U.S. dollars.) Those options more than tripled in value after the takeover became public. According to the government, Mr. Tsai learned about the deal through internal communications at RBC. Mr. Tsai entered a guilty plea on Sept. 19, 2019, leaving his sentence as the only matter of substance for the judge to determine.

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