Ex-BofA Trader Gets 1 Year For Kickback Scheme

Law360, New York (October 29, 2010, 4:48 PM EDT) -- A judge sentenced a former stock loan trader for Morgan Stanley & Co. Inc. and Banc of America Securities LLC on Friday to a year in prison for allegedly taking cash kickbacks in exchange for passing bank business to a middleman who was paid hefty finder’s fees.

Salvatore Zangari, 33, must also pay $65,600 in restitution to Morgan Stanley and the defunct Banc of America Securities’ parent Bank of America Corp., according to attorneys’ description of the sentencing by Judge John Gleeson of the U.S. District...
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