‘Barefoot’ Exec at New York Investment Firm Pleads Guilty to Inside Trading
Michael Lucarelli, who was mocked on Comedy Central’s The Daily Show after running away barefoot from photographers last month, has plead guilty to one count of securities fraud for inside trading. He will be sentenced in January and faces up to 20 years prison time.
Lucarelli had served as a director of market intelligence at Lippert/Heilshorn & Associates prior to being charged last month.
Prosecutors allege he earned nearly $1 million in illicit profits over the past two years from nonpublic information contained in LHA documents.
Lucarelli claimed his behavior was a result of medication used to treat a chronic illness.
"None of this excuses my gambling addiction to day trading," Lucarelli said, crying.
This case is one of many alleged insider trading matters brought by Manhattan’s aggressive attorney Preet Bharara, who in April 2011 was responsible for bringing down Full Tilt Poker and Absolute Poker as part of a money laundering and bank fraud investigation.
- Jagajeet Chiba, Gambling911.com
