Fund manager pleads guilty in UBS insider trading case

25 July 2007

A hedge fund manager has pleaded guilty in a New York court to participating in an insider trading ring on Wall Street.

Mark Lenowitz, charged with profiting from tips about UBS AG ratings, is now the seventh person to be convicted in the current crackdown on illegal trading practices.

At the time of the breaches, Mr Lenowitz was working for Chelsey Capital and Q Capital Investment Partners.

It is thought that he personally earned more than $357,000 from the illegal trading.

Should Mr Lenowitz be given the maximum sentence for the charges of conspiracy and securities fraud, he might face up to 25 years in jail.

Mr Lenowitz' arrest was one of 13 made in March in the largest crackdown on insider trading since the 1980s.

According to government figures, those named in the case profited by $8 million from the trading over a five-year period.

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