Mitchel Guttenberg, a former executive director at UBS, was sentenced to six and a half years in prison today for his role in an insider trading scheme, SwissInfo reports.
Guttenberg reportedly served on UBS’s Investment Review Committee, which approves analyst recommendations to upgrade or downgrade company shares. Prosecutors said Guttenberg tipped others about the UBS stock recommendations and pending deals involving Morgan Stanley clients. Judge Deborah Batts of the SDNY stated: “From the moment he joined the [UBS] investment review committee he planned to give that information to others to use illegally.”
Guttenberg was among 13 people charged last year for involvement in the insider trading ring, one of the biggest Wall Street insider-trading rings since the 1980s.
