MANHATTAN (CN) - A former executive director of UBS Securities was sentenced Monday to 78 months in federal prison for inside trading. Mitchel Guttenberg also must disgorge the $15.8 million he made from the trades, the U.S. Attorney's Office said.
Guttenberg, executive directors of UBS equity research department, sold inside information to David Tavdy and another person from December 2001 until August 2006. Guttenberg sold the inside dope for "hundreds of thousands of dollars" and Tavdy and the "other individual" made millions from it, the U.S. Attorney said.
Guttenberg and Tavdy both pleaded guilty to conspiracy and securities fraud on Feb. 27. Tavdy awaits sentencing.
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