- Pre-Market Indications

Tuesday, September 9, 2008

Samual W Childs, Ex-Assent LLC Employee Sentenced To Two Years' Probation

-I find it hilarious Mr. Childs only got 2 years probation for this crime. lets face it, he was the guy that was supposed to stop this this sort of thing from happening as he was regional compliance officer for Assent's NYC offices. He was not supposed to blackmail the offenders. If you got caught shoplifting you would be in more trouble than Sam Childs. The system is a joke.

Ex-Assent LLC Employee Sentenced To Two Years' Probation

By Chad Bray

NEW YORK -(Dow Jones)- A former registered representative at Assent LLC was sentenced to two years' probation after pleading guilty in April in an insider-trading case revolving around trades made based on inside information about upgrades or downgrades by UBS AG (UBS) analysts.

At a hearing Monday, U.S. District Judge Loretta A. Preska in Manhattan also ordered Samuel W. Childs Jr. to pay a $5,000 fine and to forfeit $30,000.

"I'm not very proud of myself. I'm extremely disappointed with the crimes I've committed," Childs said. "I'm here to take full responsibility for my actions."

Childs, who worked in the broker dealer's New York office, pleaded guilty to conspiracy in April.

He was the 13th person to plead guilty to criminal charges in two separate schemes to allegedly use inside information to make improper trades ahead of public announcements of stock recommendations by UBS analysts and ahead of news of pending mergers and acquisitions in which Morgan Stanley (MS) was acting as an advisor.

Laurence McKeever, another Assent employee who pleaded guilty in the case, was sentenced to two years' probation in May.

Prosecutors had alleged that Childs and McKeever each received about $30,000 in kickbacks between August 2006 and November 2006 for concealing trades made by customers based on the UBS inside information from higher-level management at Assent.

The government alleged the men agreed to conceal an insider-trading scheme by David Glass, operator of Jasper Capital, and David Tavdy, a former securities trader, according to court documents.

Glass agreed at the time to pay a total of about $100,000 to Childs and about $50,000 to McKeever to conceal the scheme, prosecutors said. Glass and Tavdy have both pleaded guilty to criminal charges in the matter.

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