Ex-Morgan Stanley Trader Cops To Stock Loan Fraud

Law360, New York (April 16, 2010, 3:22 PM EDT) -- A former stock loan trader for Morgan Stanley and Banc of America Securities LLC has pled guilty to participating in a fraud on Wall Street's stock loan desks.

Salvatore Zangari, 33, pled guilty to conspiracy Thursday in the U.S. District Court for the Eastern District of New York.

He faces up to five years in prison, but his attorney said the sentencing guidelines call for a prison term of 18 months to two years. Randy Zelin, counsel for Zangari, said his client has also agreed to...
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