A former Morgan Stanley broker plans to plead guilty for trading on secret tips about pending mergers that were leaked by a Bank of America consultant, prosecutors said.
Bloomberg News reports that the broker, Michael Siva, was one of seven people charged with securities fraud last year. Prosecutors said Siva, of West Orange, New Jersey, got the tips from a close friend, James Moodhe, whose daughter was dating the consultant, Daniel Rivas.
Rivas and Moodhe had already pleaded guilty and were cooperating with prosecutors when the charges were handed down, and the four others have also admitted wrongdoing or are planning to do so. Prosecutors in New York disclosed Siva’s planned plea in a letter to the judge Wednesday, saying he would plead guilty even if he doesn’t have a deal with the government.
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