Ex-Nuveen Trader Gets 70 Months for Insider-Trading Scheme (2)

A former Nuveen equity trader was ordered to spend almost six years behind bars after admitting he tipped off another man to the firm’s trades as part of a $47 million front-running scheme.

US District Judge Paul Gardephe sentenced Lawrence Billimek on Monday to 70 months in federal prison, matching the minimum punishment requested by prosecutors. Billimek, 53, pleaded guilty to one count of securities fraud as part of an agreement with prosecutors.

Gardephe said Billimek, a career equities trader, was well aware that leaking sensitive information to generate millions in profits was “blatantly and flagrantly illegal.” Billimek’s conduct was ...