A wealthy UBS banker who lived in posh Darien, Connecticut pleaded guilty Wednesday to insider trading charges.
Igor Poteroba admitted he leaked and traded on inside merger and acquisition information that had come across his desk.
His crimes started in 2006 when he was working as an executive director at UBS. Covering the health care industry, Poteroba admitted to disclosing inside information about deals involving Guilford Pharmaceuticals, Molecular Devices Corporation, PharmNet Development Group among others.
Poteroba was arrested after tipping of co-conspirators by telephone that a health care firm was about to be acquired. Dozens of trades would then take place before the official announcement of any planned merger.
Poteroba pleaded guilty to three counts of securities fraud as well as a conspiracy count.. U.S. Attorney Preet Bharara said Poteroba faces a maximum 20 year prison sentence and $5 million dollar fine. The former UBS analyst has agreed to forfeit more than $400,000 in illegal gains.
He will learn his prison time on March 16 when he is sentenced before U.S. District Judge Paul Crotty.