Ex-Nasdaq executive gets 42 months for insider trading

[ProSense]

Source: Reuters

ALEXANDRIA, Virginia (Reuters) - A former Nasdaq OMX Group Inc executive on Friday was sentenced to 3-1/2 years in prison after pleading guilty for making hundreds of thousands of dollars by trading on confidential information.

Donald Johnson, 57, was director and then managing director of Nasdaq's market intelligence desk before retiring in September 2009. In May he pleaded guilty to one count of securities fraud for his scheme, which ran from 2006 until 2009.

He was responsible for monitoring the stocks of companies traded on the Nasdaq as well as giving the companies information and analyses about trading in their stocks. As a result, Johnson received advance information about upcoming companies' earnings, news releases and personnel changes.

Federal prosecutors accused him of using that inside information on at least eight occasions, reaping $641,000. Securities regulators said there was a ninth illegal trade that brings the total ill-gotten gains to just over $755,000.


Read more: http://news.yahoo.com/ex-nasdaq-executive-gets-42-months-insider-trading-145332246.html

[DJ13]

1. 1 down, 23,299 to go

[Mnemosyne]

3. My first thought also. K&R n/t

[banned from Kos]

5. that is about #30. The Goldman Board member is convicted and

sentencing is in September - 15 years of so.

But dumbass firebaggers want a Jamie Dimon - who did nothing wrong at all (just because he is famous).

I remember liberals my age believed in due process.

[DJ13]

7. that is about #30

Is that enough after their rampant self induced greed has destroyed so many lives?

Take that number and multiply it by hundreds, if not thousands.

And while you're at it, be sure to add the big name CEO's who became billionaires while knowingly alowing their companies to commit fraud.

[banned from Kos]

8. This massive "fraud" business is Taibbi porn - it doesn't exist

The DOJ went after Angelo Mozilo - without a doubt the King of Sleazy Option-ARM mortgages. He was the worst by far.

In the end all they got was a $50-60 million fine and no admission of guilt from him.

Option-ARMs should have been illegal - but they were not. In fact, Fannie Mae started buying the shit - putting the Fed stamp of approval on the scam.

[DJ13]

9. Sure sure, its all a figment, one you choose not to believe in

Theres no point in in posting a real reply, you believe as you wish.

[banned from Kos]

10. 5000 US banks x 3 execs each = 15,000 imprisonments

Would that make you happy?

If you're a banker you are guilty of something, right? Lock em' up and fuck due process!


(Sorry, I am too liberal for that)

[LuckyLib]

2. And his annual salary? Amount of taxes he pays? But no doubt millions in bonuses.

[Emelina]

4. So what about all the others????

The ones featured in Matt Damon's "Inside Job" should all be taken to court.

[zalinda]

6. Does he get to go to the country club jail?

Hell, many poor people would love to go the country club jail. It would be like a vacation for them. But, no poor person is good enough for that kind of jail.

zalinda

[Stumbler]

12. "White collar prison is better than where I live" - Coach McGuirk

[brentspeak]

11. I'm more interested in the banksters who caused and profited from the housing bubble

When we see Citi, Goldman, BOA, and Chase execs frog-marched for wrecking the nation, then and only then should Eric Holder be complimented.

[NM Independent]

13. 3.5 years? That's it? n/t

[Odin2005]

14. Three and a half years? That's it?

:grr: