Ex-Lehman broker pleads in insider trading in NYC

AP News
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Posted: May 16, 2011 6:51 PM
Ex-Lehman broker pleads in insider trading in NYC

A former Lehman Brothers broker has pleaded guilty in New York to insider trading charges in a case in which a colleague at his company gleaned secrets from his wife as she worked at a high-powered public relations firm.

Daniel Corbin entered the plea Monday in federal court in Manhattan.

Corbin pleaded guilty to conspiracy and securities fraud. He admitted making a trade in 2006 that earned him $16,000 in profits.

He said he had suspicions that the information he was told prior to the trade was secret and illegal to trade upon, but he consciously avoided looking into it further.

No sentencing date has been set. The colleague has also pleaded guilty.