Ex-Paul Hastings Associate Pleads in $4.8M Insider Trading Case
A former tax associate at Paul Hastings Janofsky & Walker has pleaded guilty to federal charges of conspiracy and securities fraud in what officials have described as a $4.8 million insider trading case with multiple defendants.
“I knew my trading was wrong,” Eric Holzer, 34, told a federal magistrate judge in Manhattan today. He said he got non-public information from a former Lehman Brothers Holdings Inc. salesman who stole it from his wife, a public relations executive who worked on corporate deals, according to Bloomberg.
The former Lehman Brothers salesman is also a defendant in the case. He and a third defendant reportedly pleaded earlier; his wife wasn’t charged.
When Holzer is sentenced, he could get as much as 18 months in prison. He must also forfeit his $119,000 proceeds from the crime, the news agency writes.
Earlier coverage:
ABAJournal.com: “Paul Hastings Associate Accused in $4.8M Insider Trading Scheme”
