FBI - Former UBS Exec. Sentenced to 78 months in prison in connection to insider trading scheme.

[Dover]

FBI - FORMER UBS EXECUTIVE SENTENCED TO 78 MONTHS IN PRISON IN CONNECTION WITH INSIDER TRADING SCHEM


MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that MITCHEL GUTTENBERG, a former executive director in the equity research department of UBS Securities LLC (“UBS”), was sentenced today to 78 months’ imprisonment in connection with his participation in a massive insider trading scheme that netted millions of dollars in illegal profits. GUTTENBERG was sentenced in Manhattan federal court by United States District Judge DEBORAH A. BATTS. GUTTENBERG was also ordered to forfeit $15.81 million, reflecting the proceeds of the insider trading scheme. According to the Indictment and court proceedings:

cont'd

http://newyork.fbi.gov/dojpressrel/pressrel08/nyfo110308.htm

-----


Judge sentences ex-UBS exec to 6-1/2 years prison
Nov 3, 2008

A U.S. judge sentenced a former UBS AG executive to 6-1/2 years in prison on Monday for his role in what prosecutors called the most pervasive insider trading ring since the 1980s.

Mitchel Guttenberg, a former institutional client manager in UBS' equity research department, admitted in a guilty plea in February to selling nonpublic information about the bank's stock recommendations.

..snip..

Guttenberg was among 13 people, including former employees of Wall Street firms such as Bank of America Corp, Morgan Stanley and Bear Stearns Co Inc, who were criminally charged last year in an insider trading ring.

http://www.postchronicle.com/news/business/article_212183409.shtml