Feds: Melville investment adviser admits insider trading
Tibor Klein of Klein Financial Services in Valley Stream, faces 5 years in prison, prosecutors said. Credit: Linkedin
A Melville investment adviser pleaded guilty in an insider trading case to conspiring to commit securities fraud and now faces a prison sentence as long as 5 years, prosecutors said on Tuesday.
Tibor Klein, 43, and an unnamed co-conspirator reaped more than $400,000 in illegal profits, according to Bridget M. Rohde, acting U.S. attorney for the Eastern District of New York.
The two traded on material, nonpublic information — a pending merger between New York-based Pfizer Inc. and Tennesse-based King Pharmaceuticals — before the companies announced their plans, Rohde said in a statement with Philip R. Bartlett, inspector-in-charge, United States Postal Inspection Service, New York Division.
Klein, who runs Klein Financial Services in Valley Stream, and the co-conspirator learned of the merger from a client and friend, Robert Schulman, a former partner of a Richmond, Virginia-based global law firm, Rohde said.
Schulman learned of the pending merger by representing King Pharmaceuticals, the officials said.
A jury in March convicted Schulman, 58, of McLean, Virginia, of securities fraud and securities fraud conspiracy, the statement said. Schulman faces a maximum sentence of 20 years in prison. Klein was Schulman’s personal financial adviser, prosecutors said.
'They really have it down to a science' With Long Island home prices at or near record levels, some LIers are turning to modular homes as an alternative. NewsdayTV's Doug Geed and Newsday business reporter Jonathan LaMantia have the details.
'They really have it down to a science' With Long Island home prices at or near record levels, some LIers are turning to modular homes as an alternative. NewsdayTV's Doug Geed and Newsday business reporter Jonathan LaMantia have the details.
