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| ‘Squawk Box’ Brokers, Traders Get Prison Terms |
| By bloomberg.com |
| Published: 12/04/2009 |
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Dec. 4 (Bloomberg) -- An ex-broker and a former day trader were sentenced to prison for their role in a scheme in which traders bought access to brokerages’ internal “squawk boxes.” Kenneth Mahaffy Jr., who worked at Bank of America’s New York-based Merrill Lynch & Co. unit and at Citigroup Inc., was sentenced yesterday to two years in prison by U.S. District Judge John Gleeson in Brooklyn, New York, and must forfeit $98,325. Robert Malin, former president of A.B. Watley Group Inc., got a four-year term and must forfeit $242,476. Prosecutors had sought a prison term of as long as 11 years and three months for Malin, whose firm used information overheard on the internal intercoms to trade shares ahead of larger institutional transactions. “I am truly sorry for all the harm I inflicted,” Malin told Gleeson yesterday. “I cannot bear the thought of harming Alex because of the separation” of a prison term, he said, referring to his son, who suffers from a medical condition. “You deserve serious punishment,” Gleeson told Malin. “What you express today came too late. Read More. |
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