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Archive for Friday, May 11, 2007

Couple plead guilty for insider trading ring

May 11, 2007

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— A married couple, both lawyers, pleaded guilty to conspiracy and securities fraud Thursday in what was described as one of the biggest insider-trading operations since the 1980s, a $15 million scam that reached into some of the nation's top financial firms.

Randi Collotta, 30, a former employee of Morgan Stanley and Co. in Manhattan, and her husband, Christopher Collotta, 34, who worked in private practice, were among 13 people who were criminally charged in the case.

The couple received $9,000 in kickbacks for inside tips that generated more than $600,000 in illegal profits, Assistant U.S. Attorney Andrew Fish said.

In a plea deal with the government, Randi Collotta agreed not to appeal any sentence as long as it's between one and 1 1/2 years in prison. Christopher Collotta vowed not appeal any sentence from 10 months to a year and four months in prison.

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