Former Morgan Stanley Broker Receives 18 Month Prison Spell for Insider Trading
A former Morgan Stanley broker has received an 18-month prison sentence after it was revealed he played a pivotal role in a multi-million dollar insider trading scheme.
A court found that Michael Siva took part in an insider trading scheme alongside five others. The group received non public information from a technology consultant at an investment bank, who used the bank’s internal systems to access information about potential and unannounced M&A deals. They then used codewords in an attempt to evade detection, as well as meeting at diners outside of New York.
Siva and those involved in the scheme made around $5m in profits between August 2013 and May 2017. As well as receiving prison time, Siva was also sentenced to two years of supervised release and fined $35,000.