MANHATTAN (CN) - A former executive director at UBS has pleaded guilty to conspiracy and inside trading. Igor Poteroba admitted he passed on inside information about six mergers and acquisitions to a co-conspirator, who also has been charged.
Poteroba, 37, of Darien, Conn., was an investment banker in UBS' Healthcare Group. After getting inside information about UBS clients, Poteroba says, he passed on the tips to Alexei Koval, who has been charged separately.
Poteroba agreed to forfeit $465,095 in ill-gotten gains, the U.S. Attorney's Office said in announcing the plea. He pleaded guilty to three counts of securities fraud and one count of conspiracy. Each fraud count is punishable by up to 20 years in prison and a $5 million fine; the conspiracy charge by 5 years and a fine of $250,000 or twice the gross gain from the offense.
Poteroba will be sentenced on March 16, 2011.
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