Dec 14 (Reuters) – An equities dealer at a big U.S. asset supervisor was criminally charged with utilizing details about his employer’s trades to make tens of tens of millions of {dollars} in an insider buying and selling scheme, federal prosecutors in New York mentioned on Wednesday.
Equities dealer Lawrence Billimek, 51, of Hailey, Idaho, was arrested in Texas and day dealer Alan Williams, 77, of West Linn, Oregon, was arrested in his residence state, prosecutors mentioned.
Prosecutors allege they made tens of tens of millions of {dollars} on greater than a thousand trades forward of enormous inventory transactions by Billimek’s employer.
Each had been charged with conspiracy, securities fraud and wire fraud in an indictment unsealed in Manhattan.
Billimek has labored for monetary companies agency TIAA-CREF since 2012, based on his LinkedIn profile.
A spokesperson for the TIAA’s Nuveen asset-management arm mentioned the corporate realized of prices in opposition to an worker as we speak and instantly positioned him on depart and commenced its personal assessment. The corporate is cooperating with authorities.
Attorneys for the lads couldn’t instantly be reached.
Prosecutors mentioned Billimek handed confidential details about shares his employer was about to commerce on, together with Lululemon Athletica Inc (LULU.O) and Ulta Magnificence Inc (ULTA.O), to Williams beginning in 2016. Williams subsequently positioned worthwhile trades forward of these transactions, based on the indictment.
The U.S. Securities and Alternate Fee additionally filed a parallel civil lawsuit in opposition to each males.
Reporting by Jody Godoy in New York; enhancing by Jonathan Oatis and Marguerita Choy
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