Nuveen Insider Trader Ordered to Pay $38 Million to TIAA-CREF

Former Nuveen LLC trader Lawrence Billimek, who was sentenced last month to nearly six years in prison for insider trading, was additionally hit with an order to pay Nuveen parent TIAA-CREF more than $38 million in restitution.

US District Judge Paul Gardephe on Thursday ruled that Billimek and his co-conspirator, Alan Williams, are jointly liable for the amount. Both men pleaded guilty last year to engaging in a front-running scheme in which they bought shares ahead of planned Nuveen trades.

TIAA-CREF claimed the pair’s front-running resulted in poorer execution for Nuveen clients and sought $38 million as compensation. It ...