Expert NY consultant gets prison for inside trades

By LARRY NEUMEISTER | December 21, 2011 | 4:25 PM EST

NEW YORK (AP) — A former Wall Street hedge fund consultant has been sentenced to 2 1/2 years in prison for insider trading.

James Fleishman was convicted this year as part of a government insider trading probe of firms that control billions of dollars.

A federal court judge in Manhattan announced the sentence Wednesday, saying there was a need to deter others from insider trading.

Prosecutors say the 42-year-old Fleishman made more than $800,000 for three years of work as an executive at the California-based firm Primary Global Research.

He was convicted in September of conspiracy and wire fraud for facilitating the passage of inside information between public-company insiders working as consultants and the firm's clients.

Fleishman's lawyer argued at trial that his client worked "honestly and openly with no intent to steal."