Ex-Arent Fox Partner's Info Leads to Insider Trading Plea
Former Long Island investment adviser Tibor Klein, who pleaded guilty Tuesday to a single count of conspiracy to commit securities fraud, was accused of using information obtained from his client and friend, former Arent Fox partner Robert Schulman, about the $3.6 billion merger of Pfizer Inc. and King Pharmaceuticals.
July 25, 2017 at 04:00 PM
2 minute read
A former Long Island investment adviser pleaded guilty Tuesday to a single count of conspiracy to commit securities fraud Tuesday, the Eastern District U.S. Attorney's Office said.
Tibor Klein was accused of using information obtained from his client and friend, former Arent Fox partner Robert Schulman, about the $3.6 billion merger of Pfizer Inc. and King Pharmaceuticals. Klein reportedly earned nearly $9,000 personally off the merger while netting more than $319,000 for his clients.
Schulman was convicted in March of securities fraud and conspiracy charges in a separate trial. Klein's attorneys had asked Eastern District Judge Joan Azrack to sever the cases, which the government initially brought against both Klein and Schulman. In late February, just ahead of the trial, the motion was granted.
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