MANHATTAN (CN) - An inside-trading conspirator was sentenced to 18 months in federal prison. Manosha Karunatilaka, a former account manager for Taiwan Semiconductor Manufacturing, pleaded guilty in May to wire fraud and securities fraud.
Karunatilaka and his cronies "used an 'expert networking' firm ... for the purpose of facilitating 'consultation calls,' during which Karunatilaka provided the inside information to firm clients," prosecutors said in a statement announcing his sentence. "Between January 2008 and June 2010, the firm paid Karunatilaka more than $35,000 for his consultation calls."
Karunatilaka, 37, of Marlborough, Mass., admitted in his plea agreement that the tips he provided helped other reap more than $1 million in illicit profits.
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