Posted May 10, 2007 07:27 pm CDT
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.
Police Class-Action Ruse Doesn’t Bar DNA