- Associated Press - Tuesday, March 29, 2016

NEWARK, N.J. (AP) - Two day traders have admitted their roles in a multiyear insider trading scheme that netted more than $3.9 million in illicit profits.

Federal prosecutors in New Jersey say 55-year-old Steven Costantin, of Farmingdale, and 67-year-old Ronald Chernin, of Oak Park, California, both pleaded guilty Tuesday to separate complaints charging them with securities fraud and conspiracy to commit securities fraud.

Each man now faces up to 25 years in prison when they are sentenced July 7.

Prosecutors say the scheme’s participants used information that was not publicly available to buy and sell stocks traded on both the New York Stock Exchange and NASDAQ from May 2010 to August 2013.

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