N.Y. Book Distributor Admits Fraud
NEW YORK (AP) _ A vice president at a book distribution company who received insider tips from a former Wall Street ethics monitor pleaded guilty Wednesday to conspiring to commit securities fraud.
Mitchell Sher, 32, admitted in U.S. District Court in Manhattan that he acted on information provided to him by Marisa Baridis. Ms. Baridis also has pleaded guilty to insider trading charges, admitting she illegally disclosed secrets about companies while working as an ethics monitor at Smith Barney and then at Morgan Stanley.
Judge Jed S. Rakoff set sentencing for Sher for April 2. Sher faces a maximum sentence of up to five years in prison and a fine of up to $250,000, or twice his gross gain from insider trading.