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Ex-Wall Street quantitative analyst pleads guilty to U.S. insider trading charge -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Wall Street sign is visible outside New York Stock Exchange (NYSE), New York City, New York. July 19, 2021. REUTERS/Andrew Kelly/File Photograph/File Foto

NEW YORK (Reuters), A Wall Street former quantitative analyst pleaded guilty to insider trades. The trades were made after he discovered that his employer would soon be making similar trades for clients. Front-running is also known as trading in the dark.

Sergei Polevikov was a securities fraud ringleader at OppenheimerFunds. He pleaded guilty. His plea agreement states that he will be sentencing him in April. He could receive a sentence of between 57 to 71 months.

U.S. Department of Justice stated that Polevikov earned more than $8.5million illegally from trades he made through the brokerage account of his wife from January 2014 to Oct 2019.

These trades were meant to capitalize on small price fluctuations he expected would take place as his employer fulfilled large client orders.

According to prosecutors, Polevikov was required by the plea deal to forfeit approximately $8.5 million.

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