Ex-NY stockbroker admits $1M insider trading scam
NEW YORK (AP) — A former stockbroker has pleaded guilty in New York to insider trading charges, admitting his role in a scheme that earned participants about $1 million in illegal profits.
Denver resident Thomas Conradt entered the plea Wednesday in federal court in Manhattan. The plea came as part of a cooperation deal with the government as it continues its probe into trading that occurred as IBM Inc. was acquiring a software company in 2009.
Conradt admitted during his plea he used a roommate's inside tip to buy shares of the software company SPSS before the public announcement of the acquisition. He was working in Manhattan at the time. He has agreed to forfeit his portion of the proceeds from the stock purchase.
Sentencing is scheduled for Oct. 3.