UBS Tip Recipient Cops To Insider Trading

Law360, New York (January 7, 2011, 3:15 PM EST) -- An alleged recipient of insider tips from a UBS Securities LLC employee pled guilty to trading on nonpublic information Friday, and was ordered to return to federal custody next week.

Alexei P. Koval, 36, entered his plea before Judge Paul A. Crotty in the U.S. District for the Southern District of New York. A sentencing date was scheduled for April 12.

“Based on tips from [a] conspirator, I purchased securities and traded them for profit,” Koval said.

Prosecutors then asked the judge to remand his $5...
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