71° Good Evening
71° Good Evening
Long IslandNassau

Oceanside man arrested, faces insider trading charge

An Oceanside financial adviser has been charged with conspiracy to commit insider trading, which carries a maximum prison sentence of 25 years.

A criminal indictment was unsealed in federal court in Brooklyn on Wednesday charging Damian Perna with conspiring with others to trade securities of public corporations registered under the Securities Exchange Act of 1934 from June 2011 through October 2012, according to a statement from the U.S. attorney's office.

The statement gave the following account:

Perna was arrested Wednesday morning and arraigned in the afternoon in Brooklyn. During the arraignment, government officials said Perna obtained draft earnings reports for publicly traded companies before their public release through a contact at an investor relations firm. These companies include Consolidated Graphics, Alamo Group and Miller Industries, which are listed on the New York State Exchange, and Innophos Holdings, Inc., which is listed on Nasdaq.

In one meeting, according to the statement, Perna sold an advance copy of an earnings report to an undercover FBI agent and was paid $7,000 in cash.

Latest Long Island News