A one-time wealthy investment banker banned from working as a broker-dealer after admitting securities fraud in the 1990s has pleaded guilty to securities charges again in New York.
David Blech (blek) pleaded guilty Wednesday to two counts of securities fraud in Manhattan federal court. He said he made desperate moves when he was heavily in debt. He admitted that he tried to decrease his investments in two biotechnology companies in 2007 and 2008 by hiding his purchases and sales in accounts created for relatives.
The 57-year-old agreed not to appeal any sentence up to four years and three months in prison. Sentencing was scheduled for Aug. 31.