Amadeusz Juskowiak

Former broker investor sentenced for trading

A former stock broker and an investor who pleaded guilty last June to insider trading as a participant in the scheme that involved lawyer Michael David were sentenced by the Manhattan federal court today

Morton Shapiro who was employed as a broker at Moseley Hallgarten Stabrook and Weeden Inc drew a two month jail sentence and a 25000 dlr fine

Daniel J Silverman who pleaded guilty to securities fraud was sentenced to three years probation a 25000 dlr fine and ordered to provide 250 hours of community service

As a result of trading on information supplied by David while he was at the firm of Paul Weiss Rifkind Wharton and Garrison the defendants gained about 160000 dlrs in their insider trading scheme according to US Attorney Rudolph W Giuliani

The prosecutor also said Shapiro attempted to conceal his unlawful trading by lying in testimony before the Securities and Exchange Commission

Reuter