The director of market intelligence at an investor relations firm was arrested on insider trading charges Tuesday and accused of using drafts of press releases to illegally earn nearly $1 million.
Michael Lucarelli, a director at Manhattan-based Lippert/Heilshorn & Associates Inc., had made the illegal trades over the last year, federal prosecutors said as they announced 13 securities fraud charges. They said Lucarelli made more than $500,000 illegally by making trades in the securities of 13 of the firm’s clients, while the Securities and Exchange Commission said in a civil complaint that his illicit earnings topped $950,000.
