MANHATTAN – Two Miami Beach day traders were sentenced to 2½ years and 6 months in prison for illegal inside trading.
Jamil Bouchareb got 30 months and Daniel A. Corbin 6 months in federal prison for conspiracy and securities fraud. Both pleaded guilty.
Both men made hundreds of thousands of dollars trading on tips they got from a woman they called “the golden goose,” prosecutors said.
The woman, who worked at an international communications firm, told her husband about mergers and acquisitions her company was working on and he passed the information to Bouchareb and Corbin. The husband, Matthew Devlin, pleaded guilty to conspiracy and securities fraud and will be sentenced on March 2, 2012.
Bouchareb and Corbin paid him “thousands of dollars” for his tips, the U.S. Attorney’s Office said in announcing the sentences.
Bouchareb, 30, was ordered to forfeit $1.5 million and pay a $20,000 fine.
Corbin, 35, was ordered to forfeit $1 million.