Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — A former Oppenheimer & Co. Inc. financial adviser has pleaded guilty to insider trading charges in New York City.
David Hobson entered the plea to conspiracy to commit securities fraud and securities fraud on Tuesday in Manhattan federal court.
He admitted teaming up with a childhood friend at Pfizer Inc. to trade on secrets about potential Pfizer acquisitions. The 47-year-old Providence, Rhode Island, resident set to be sentenced on March 2.
His plea deal called for him to serve between two years and 2 1/2 years in prison, though he can argue for leniency. Without a plea deal, he would have faced up to 25 years in prison.
Hobson has agreed to forfeit $385,000. Prosecutors say illegal trades made more than $350,000 between 2008 and April 2014.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
