Canadian Attorney Admits Inside Trading

MANHATTAN (CN) - Canadian attorney Stanko Grmovsek pleaded guilty Tuesday to taking more than $2 million in illegal inside trading. Grmovsek admitted he got inside information about acquisitions from a law school classmate in the Toronto office of Dorsey & Whitney, who is identified only as CC-1. The U.S. Attorney's Office says it was part of the largest criminal inside trading case in Canadian history.

Grmovsek, 40, of Ontario, shared some of the $2 million with CC-1, according to the complaint. He faces up to 5 years in prison at his Nov. 23 sentencing.

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