Thursday, January 3, 2013

From Insider Trader To Inside Prison

An attorney convicted of insider trading has been disbarred by the New York Appellate Division for the First Judicial Department:

...beginning in 1994 and ending in 2011 he participated in an insider trading scheme in which he stole confidential non-public information related to approximately 30 corporate mergers and acquisition transactions being handled by the law firms that employed him, and then provided details of pending transactions to a cohort who passed the information to a broker who purchased shares based on the inside information. In addition, respondent admitted at his plea allocution that he destroyed a computer and an iPhone upon learning that authorities had searched the home of one of his cohorts and that he himself was under criminal investigation. He was sentenced to 60 months' incarceration for conspiracy to commit securities fraud and 144 months for each of the remaining counts, to be served concurrently.

Business Insider had this story about the attorney's arrest. (Mike Frisch)

Bar Discipline & Process | Permalink

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