A former broker at The Bear Stearns Cos. Inc. of New York was sentenced to three years of probation, including one year home confinement, after he pleaded guilty to playing a role in an insider-trading scheme.
The former broker, Ken Okada, was among 13 people criminally charged in 2007 in what authorities have called one of the most pervasive insider-trading rings since the 1980s, according to a Reuters report.
Judge Denny Chin of the United States District Court in New York also ordered him to pay a $300,000 fine and forfeit $7,375.
Mr. Okada had faced 30 to 37 months in jail under the sentencing guidelines.
He had worked as a Bear Stearns registered representative from March 2001 to January 2004 and pleaded guilty to conspiracy and securities fraud in November.
Mr. Okada was involved in using stock recommendations by analysts at UBS AG of Zurich, Switzerland, before they were made public, to execute hundreds of trades and bring in more than $17.5 million, Andrew Fish, an assistant U.S. attorney, said at an earlier hearing, according to the report.
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