To: marcos who wrote (6009 ) 1/15/1998 9:29:00 PM From: Bucky Katt Respond to of 116811
Marcos--More GOD at work>>A New York attorney accused of insider trading pleaded guilty on Thursday to scheming to defraud in connection with the sale of securities. Under a sealed plea agreement with the Manhattan District Attorney's office, Jeffrey Spiegel, 32, faces up to four years in prison when he is sentenced in March. Spiegel, 32, who is believed to be cooperating with prosecutors, would have faced 11 years in prison if convicted. He was indicted last month with four stockbrokers stemming from the arrest of a former compliance officer for two of New York's most prominent financial institutions. The former officer, Marisa Baridis, 29, was charged by state prosecutors with conspiring to steal more than $1 million through insider trading. With the state case pending, federal prosecutors surprised the district attorney's office by bringing a similar case against Baridis. Baridis pleaded guilty in federal court on Dec. 4 to selling confidential information stolen from her former employers Smith Barney, a subsidiary of Travelers Group Inc.(NYSE:TRV - news), and Morgan Stanley [AMEX:MPQ - news], Dean Witter, Discover & Co. Under that deal she faced a total possible maximum prison term of 15 years and a $1 million fine on two securities fraud and conspiracy charges. ''Baridis' job was to see that no broker traded on inside information,'' Robert Morgenthau, the Manhattan District Attorney, said after Spiegel and the four brokers were indicted. ''Instead, she turned around and sold the information to other people.'' The indictment alleged that the five made ''hundreds of thousands of dollars'' using the inside information from the Wall Street watchdog to buy stock in more than a dozen companies including Healthcare Images, Inc, Owen Healthcare, StarSight Telecast, Integon.