NY Insider Trader Sentenced to 70 Months
Grimy Times has learned that Lawrence Billimek, a 52-year-old resident of Hailey, Idaho, was sentenced to 70 months in prison for his involvement in a multimillion-dollar insider trading ring. Billimek, a former employee of TIAA-CREF, was found guilty of one count of securities fraud.
According to court documents, Billimek abused his position at TIAA-CREF to gain access to certain anticipated trades, which he then used to inform his co-conspirator, referred to as ‘CC-1.’ CC-1 would then buy or sell the same securities in advance of the TIAA-CREF trading, resulting in tens of millions of dollars in profits for both men.
Billimek and CC-1 engaged in these front-running trades on over a thousand occasions between 2016 and December 2022. To avoid detection, Billimek used prepaid, unregistered ‘burner’ phones to communicate with CC-1 throughout the trading day. He also lied to financial institutions about the source of funds, claiming they were gifts.
As a result of his scheme, Billimek generated tens of millions of dollars in profits, which he used to buy multiple homes and fund an active social lifestyle. The scheme was uncovered by the Federal Bureau of Investigation, and Billimek was arrested in December 2022.
Beyond the prison term, Billimek was also sentenced to three years of supervised release and ordered to pay forfeiture of $12,249,000. The U.S. Securities and Exchange Commission has filed a parallel civil action.
U.S. Attorney Damian Williams praised the outstanding investigative work of the Federal Bureau of Investigation and thanked the U.S. Securities and Exchange Commission for their assistance in the case. This case is being handled by the Office’s Securities and Commodities Fraud Task Force, led by Assistant U.S. Attorney Jason A. Richman.
Grimy Times will continue to follow this case and provide updates on any developments.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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