Former trader jailed
01 November 2010 New York
Image: Shutterstock
Salvatore Zangari, a former stock loan trader at Morgan Stanley and Bank of America, has been jailed for a year and a day after pleading guilty to a conspiracy charge over a scheme to steer orders to other brokerage firms in return for kickbacks.
At least 32 traders from 13 brokerages have been prosecuted for offences related to bribes and kickbacks in the stock loan industry over the past couple of years.
"This is what happens when a good person does a bad thing," said Zangari's lawyer Randy Zelin. "While the sentence was shorter than recommended by the guidelines, one of the goals of sentencing is deterrence, and the judge, justifiably so, pronounced the sentence to deter future criminal conduct."
At least 32 traders from 13 brokerages have been prosecuted for offences related to bribes and kickbacks in the stock loan industry over the past couple of years.
"This is what happens when a good person does a bad thing," said Zangari's lawyer Randy Zelin. "While the sentence was shorter than recommended by the guidelines, one of the goals of sentencing is deterrence, and the judge, justifiably so, pronounced the sentence to deter future criminal conduct."
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