Ex-firm exec pleads guilty in insider trading case

By Larry Neumeister
Published September 24, 2014 8:44pm ET
Add Washington Examiner on Google
Ex-firm exec pleads guilty in insider trading case
Michael Lucarelli walks away from federal court in Manhattan after pleading guilty to an insider trading charge Wednesday, Sept 24, 2014, in New York. Sentencing was set for Jan. 8. Lucarelli's exit contrasted with his attempt to flee photographers only weeks earlier after his arrest, when he ran out of his sandals as he raced down a sidewalk in slacks and a tank top. (AP Photo/Larry Neumeister) | Larry Neumeister

NEW YORK (AP) — A former executive at a New York investor firm pleaded guilty to an insider trading charge Wednesday, blaming long work hours and drugs in part for his use of information from drafts of press releases to earn nearly a million dollars.

Michael Lucarelli entered the plea to a federal securities fraud charge on Wednesday, his 52nd birthday, agreeing with prosecutors that federal sentencing guidelines call for a prison sentence of between three and four years. Sentencing was set for Jan. 8.

Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.

Tag:

New York