Ex-Nuveen Trader Should Get 70 Months for Insider Plot, US Says

Former Nuveen LLC trader Lawrence Billimek should spend almost six years behind bars for front-running the firm’s trades as part of a $47 million insider-trading scheme, US prosecutors told a federal judge.

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Billimek, 53, pleaded guilty in November to passing tips about planned Nuveen stock purchases over a six-year period to retiree Alan Williams, who would then acquire the shares ahead of the asset management giant. Williams pleaded guilty two months before Billimek and is scheduled to be sentenced this fall.

The case was one of the first in which the US Securities and Exchange Commission’s Consolidated Audit Trail — a controversial database tracking almost all US market activity — was credited with catching insider traders.

Source: Ex-Nuveen Trader Should Get 70 Months for Insider Plot, US Says