Another ex-day trader pleads guilty in multimillion-dollar insider trading ring
A former day-trader admitted to making more than $760,000 as part of a ring that stole confidential information from investment banks and their clients so they could trade on the information, federal authorities said.
Joseph Spera, 56, of Boca Raton, Florida, pleaded guilty on Monday to one count of conspiracy to commit securities fraud and one count of securities fraud in U.S. District Court in Trenton, according to news releases from the U.S. Attorney's Office for New Jersey and the Securities and Exchange Commission.
Federal authorities say Spera and his conspirators short-sold the securities of at least 13 public companies between June 2010 and July 2013 based on information obtained from the alleged ringleader, Stephen Fishoff, and others. It was Fishoff, according to the SEC, who recruited Spera and his childhood friend, Paul Petrello, into the ring.
Petrello and two others -- Fishoff's friend, Steven Constantin, and Fishoff's brother-in-law, Ronald Cherin -- have already pleaded guilty in federal court and await sentencing. They've also agreed to partial settlements with the SEC and may face additional monetary sanctions from the commission.
Read more: http://www.nj.com/news/index.ssf/2017/12/florida_man_convicted_in_multi-million_insider_tra.html
