Ex-Nomura Salesman Admits Scam

A former Nomura Securities International salesman has pleaded guilty to participating in a kick-back scam in connection with trades executed at the behest of former employees on behalf of New York Life Insurance. New York Life is believed to have lost about $4m as a result of the scam.

Ronald Pinto, 42, now faces a possible jail sentence of up to 10 years and a $1m fine for his role in the scheme between 1997 and 2000.

Pinto is charged with participating with Srinivas Anumolu, a former portfolio manager at New York Life and Anthony Dong-Yin Shen, a former bond trader with the same company, in a scheme which alleges that the two New York Life employees took kick-backs in return for directing transactions to Pinto and other brokers, who earned substantial commission on the trades.

It is alleged that Pinto paid over $200,000 to Shen and Anumolu over a three year period.

The men are thought to have concealed the scheme from their employers by executing the trades at prices they would not find suspicious.

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News