David Tavdy, a former trader at Assent LLC who pleaded guilty to participating in an insider-trading scheme that resulted in millions of dollars in profits, today received a sentence of more than five years in prison. Reuters reports that Tavdy pleaded guilty to conspiracy and securities fraud a year ago after he admitted to buying nonpublic information from a former UBS AG executive about the bank’s stock recommendations.
U.S. District Judge Deborah Batts of the SDNY sentenced Tavdy to 63 months in prison. Tavdy and the former UBS AG executive, Mitchel Guttenberg, were among 13 people criminally charged in 2007. According to the Reuters article, Judge Batts noted that between 2002 and 2006, Tavdy made “millions of dollars for himself and others by abusing insider information,” and that “this is not a case of an isolated incident.”
Guttenberg was reportedly sentenced to 6-1/2 years in prison in November 2008.