NYC DAY Traders and compliance officer going to jail.

NYC DAY Traders and compliance officer going to jail.
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To make a long story short, he wore a wire and coaxed a buddy named Sam Childs into implicating himself in what an SEC official calls "one of the most pervasive Wall Street insider-trading rings since the days of Ivan Boesky and Dennis Levine." As laid out in a NY magazine profile, Glass told Childs he was worried that the feds were closing in on the guy who had been passing along inside information. That meant the payments to Childs, a compliance officer in their trading firm, would have to stop.

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In late 2006, the SEC filed a request to see Jasper’s entire trading history. No one knew exactly how they had zeroed in on Glass’s company, but everyone at Assent was nervous. By that point, hedge-fund manager Erik Franklin, the first alleged co-conspirator with UBS’s Mitchel Guttenberg, had pleaded guilty and cooperated. That would have led the SEC to surveil the market for suspicious trades in relation to UBS ratings. And that would have led them to Jasper. Glass closed Tavdy’s fake account, but it was too late. The FBI had discovered the illegal trades, and they confronted Glass with evidence. Glass hired an expensive lawyer, Benjamin Brafman, and agreed to plead guilty and cooperate, too, hoping to reduce his sentence and protect the reputations of his father-in-law at Goldman Sachs, his father at the IRS, and his brother at the hedge fund. Glass, who now has a 3-year-old son, faces a maximum of 25 years in prison and $5.3 million in fines. (Glass declined to be interviewed.)

***UPDATE****

Laurence (Larry) Mckeever sentencing delayed until may 20th