California man sentenced in $3.9M insider trading case
TRENTON, N.J. (AP) — A California man has been sentenced to 18 months in prison in an insider trading scheme that authorities said netted nearly $4 million.
Ronald Chernin had previously pleaded guilty to conspiracy and securities fraud.
The U.S. attorney’s office accused the 70-year-old Oak Park resident and others in New Jersey, California and Florida of misrepresenting their financial status so they would be solicited by investment banks to participate in stock offerings and gain access to confidential information.
Authorities said the group illegally used the information to make more than $3.9 million over a three-year period.
In addition to Chernin, Steven Costin of Farmingdale, New Jersey; Steven Fishoff of Westlake Village, California, and Paul Petrello and Joseph Spera of Boca Raton, Florida previously pleaded guilty.