Ex-Nuveen Trader Pleads Guilty to $47 Million Insider Scheme (1)

A former Nuveen LLC trader admitted to tipping off an Oregon retiree about the asset management firm’s plans as part of an insider-trading scheme that netted them more than $47 million in illegal profits.

Lawrence Billimek entered a plea to one count of securities fraud Tuesday before US District Judge Paul G. Gardephe in Manhattan as part of an agreement with prosecutors. His sentencing was set for April 4. Billimek faces a maximum of 20 years in prison, though he’s likely to receive far less under his deal with the government. He agreed not to contest any sentence of 87 ...