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Lawyer Couple Pleads Guilty in Trading Case

Posted May 10, 2007 2:27 PM CDT
By Debra Cassens Weiss

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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.

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