Ex-BNY Mellon employee sentenced to six months in U.S. prison
Source: Reuters
Ex-BNY Mellon employee sentenced to six months in U.S. prison
Reuters
By Nate Raymond
11 hours ago
NEW YORK (Reuters) - A former Bank of New York Mellon Corp employee was sentenced on Thursday to six months in prison after admitting to illegally making $737,000 trading on tips a friend at Merck & Co Inc supplied him about potential pharmaceutical mergers.
David Post, 42, was also ordered by U.S. District Judge Alvin Hellerstein in Manhattan to pay more than $787,600 in fines and forfeit proceeds in light of his guilty plea in October 2014 to charges including securities fraud.
Just a month ago, the same judge sentenced Zachary Zwerko, a former senior finance analyst at Merck, who was involved with performing work on potential corporate deals, to 37 months in prison after he likewise pleaded guilty.
Post, who at BNY Mellon was a vice president in broker dealer services product management, had sought probation after giving what U.S. prosecutors said was the "crucial" cooperation needed to prosecute his onetime friend.
Read more: http://news.yahoo.com/ex-bny-mellon-employee-sentenced-six-months-u-182515363--sector.html
