Bank Exec Deserves 3 1/2 Years For Inside Trading: Feds

Law360, New York (August 22, 2011, 4:36 PM EDT) -- Federal prosecutors told a Virginia court Friday that an ex-New Peoples Bank Inc. executive convicted of using insider knowledge to help friends and family sell shares of the bank's stock at a higher price should get at least 3 1/2 years in prison.

In a sentencing recommendation, prosecutors asked for a jail term of 41 to 51 months for Gary Lawson, who pled guilty in January to insider trading and money laundering. Sentencing is set for Aug. 29.

In the scheme, Lawson tipped off friends and...
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