A Morgan Stanley broker pleaded not guilty to charges that he engaged in insider trading in deals including Abbott‘s (NYSE:ABT) $25 billion acquisition of St. Jude Medical, according to an Investment News report.
Defendant Michael Siva entered a plea on Tuesday in New York, with a 3-week trial slated to begin Sept. 2018.
Siva was allegedly involved in a slew of charges which accused a total of 7 individuals of creating more than $5 million in profit based on tips from Bank of America employee Daniel Rivas.
Rivas, and his girlfriend’s father James Moodhe, pleaded guilty to charges of fraud, conspiracy and making false statements to Federal Bureau of Investigation agents earlier this month.
Moodhe reportedly passed inside information to Siva from between 2015 and April 2017 so Siva could engage in profitable trades for himself and his clients, including Moodhe, according to the Investment News report.
Rivas served as a project consultant in BoA’s capital markets technology group in New York, according to the report, and had access to a deal-tracking system which contained data about corporate transactions, mergers and other offers.
Siva and Moodhe reportedly made more than $3 million between them, while Siva also collected thousands in commissions as well, Investment News reports.
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