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Long Island Investment Advisor Pleads Guilty to Insider Trading
A Long Island investment advisor has pleaded guilty to engaging in insider trading, netting him over $400,000 in illegal profits.
Tibor Klein, 43, of Melville, New York, pleaded guilty to one count of conspiracy to commit securities fraud in federal court in Brooklyn.
According to court documents, Klein received material, non-public information about the pending merger between Pfizer, Inc. and King Pharmaceuticals, Inc. from his client and friend, Robert Schulman, a former partner of a Richmond-based global law firm.
Schulman had learned of the information through his representation of King Pharmaceuticals. Klein and another co-conspirator then used that material, non-public information to engage in securities transactions ahead of the merger announcement.
Klein faces a maximum sentence of five years’ imprisonment at sentencing. Schulman was convicted of securities fraud and securities fraud conspiracy following a jury trial in March 2017.
U.S. Attorney Bridget M. Rohde thanked the U.S. Postal Inspection Service for its hard work and dedication in leading the investigation, and expressed her appreciation to the Securities and Exchange Commission and the Financial Industry Regulatory Authority, Inc. for their cooperation and assistance.
The case is being handled by the U.S. Attorney’s Office, Eastern District of New York. Assistant U.S. Attorneys David C. Pitluck, Julia Nestor, and Patrick T. Hein are in charge of the prosecution.
Tibor Klein is set to be sentenced. He is currently 43 years old and resides in Melville, New York.
Key Facts
- State: New York
- Category: White Collar Crime|Financial Crimes
- Source: DOJ Press Release â†â€â€
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