Garrett Bauer stood in a New York University lecture hall and warned 150 students not to emulate him. The day trader recounted illegally making millions of dollars over 17 years using corporate merger tips stolen by an attorney.
Attorney Matthew Kluger was sentenced to a 12-year prison term that is the longest ever imposed for insider-trading, exceeding the 11-year sentence given Galleon Group LLC co-founder Raj Rajaratnam last year.
A former Wilson Sonsini Goodrich & Rosati PC attorney passed mergers and acquisition data in an insider-trading scheme that netted more than $32 million in illicit profits since 2006, U.S. prosecutors charged today.
Matthew Kluger, a former lawyer who spearheaded a 17-year insider-trading scheme, must serve his 12- year prison term, the longest ever in such a case, an appeals court said in denying his bid for a new sentence.
Trader Garrett Bauer sounded both nervous and confident on the call last month. Federal agents had just searched the home of the man on the other end of the line, a go-between he’d used in an alleged insider-trading scheme that the men thought they’d kept a secret since the mid-1990s.
Former Wells Fargo & Co. investment banker John Femenia was charged in Charlotte, North Carolina, last week with leading an $11 million insider trading ring that paid kickbacks in cash and gold for tips on corporate mergers.