Insider Trading Conspirator Cops Plea
NEW YORK—A former Quad/Graphics employee pleaded guilty last month for his part in an insider trading scheme that pulled in more than $6.7 million.
Juan Renteria pleaded guilty to conspiracy and insider trading charges at a U.S. District Court hearing here, according to a Reuters report. Renteria and Nickolaus Shuster were accused of stealing advance copies of BusinessWeek and passing stock names mentioned in the “Inside Wall Street” column to ex-Goldman Sachs employees Eugene Plotkin and David Pajcin.
Renteria, the last of six defendants, was paid $500 or more for each copy of the magazine, according to reports. He faces a maximum of 25 years in prison but, because of a plea deal, will receive a lighter sentence.
The scheme comprised illegal trading on M&A news, including Procter & Gamble’s acquisition of Gillette Co.