Lawyer Couple Pleads Guilty in Trading Case
Posted May 10, 2007 2:27 PM CDT
By Debra Cassens Weiss
Two lawyers who are husband and wife pleaded guilty today to conspiracy and securities fraud in an insider trading case.
Randi Collotta cried as she read a statement admitting her guilt, according to Reuters.
Collotta said she worked for Morgan Stanley & Co. when she gave stock information to her husband, Christopher Collotta, who was in private practice. He then passed the tips to a Florida broker in exchange for a share of the profits.
Both agreed to forfeit $9,000 that they made in the scheme. Randi Collotta agreed not to appeal a prison sentence of up to 18 months, while her husband agreed not to appeal a sentence of up to 16 months.