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2 Plead Guilty For Insider TradingA former executive at UBS who sold nonpublic information about the bank’s stock recommendations and a former trader who used those tips pleaded guilty Wednesday to charges of insider trading. Mitchel Guttenberg, 42, a former institutional client manager in UBS’s equity research department, and David Tavdy, 39, a former trader at the broker-dealer Assent, both pleaded guilty to conspiracy and securities fraud during separate hearings before Judge Deborah A. Batts in Federal District Court in Manhattan. The two were among 13 people, including employees of Bank of America, Morgan Stanley and Bear Stearns, who were charged last year in what authorities called one of the most pervasive insider trading rings since the 1980s. Now, 12 of those people have pleaded guilty. Another broker at Assent, Samuel Childs, has pleaded not guilty. Mr. Guttenberg admitted that on many occasions from 2001 to 2006 he told two traders about coming stock recommendations by analysts. “Both men paid me for this information,” Mr. Guttenberg told the judge. “I deeply regret my actions.” The information was used to execute hundreds of transactions, reaping more than $17.5 million, said Andrew Fish, an assistant United States attorney. Trading in various accounts by Mr. Tavdy brought in more than $10 million, Mr. Fish said. Mr. Guttenberg pleaded guilty to two counts of conspiracy and four counts of securities fraud. Sentencing was set for June 2. “Today’s plea confirms that Mr. Guttenberg exploited information that was proprietary to UBS and its clients,” a UBS spokeswoman, Rohini Pragasam, said in a statement. At the second hearing, Mr. Tavdy admitted using information provided by Mr. Guttenberg to trade. Mr. Tavdy pleaded guilty to one count of conspiracy and two counts of securities fraud. Sentencing was set for June 30. Tag CloudExternal InformationAdditional InformationStem-cell storage firm takes Branson into biotech sector...Ryder to Report Lower Earnings... Now on YouTube: The Latest News From Al Jazeera, in English... Square Feet: A Hands-On Hotel Owner Who Values Independence... Where Am I?News Main Page - Business - 2 Plead Guilty For Insider Trading |
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