Russian emigre sentenced in NY for illegal trades

AP News
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Posted: Mar 21, 2011 6:31 PM
Russian emigre sentenced in NY for illegal trades

A former executive director at UBS Securities has been sentenced in New York to 22 months in prison for his role in an insider trading scheme with a fellow Russian emigre.

Igor Poteroba (POH-tur-oh-bah) was sentenced Monday by Judge Paul Crotty (KRAW'-tee) in federal court in Manhattan. The judge also ordered the Darien, Conn., resident to forfeit $465,000 in proceeds from the crime and to pay a $25,000 fine.

The government said Poteroba fed inside tips from 2006 to 2009 to Alexei Koval (Koh-VOWL), who was employed as a pricing supervisor at an asset management company. Prosecutors say the pair earned more than $870,000 through inside trades. Koval of Chicago has pleaded guilty and is awaiting sentencing.

Prosecutors say both men studied at the University of New Haven after immigrating in the mid-1990s.