Two were sentenced in the ‘yuppie insider’ case.
The two defendants, who pleaded guilty last June to reaping $160,000 in illegal profits, were given fines of $25,000 each in federal court in White Plains, N.Y. Morton Shapiro, 25, a former stockbroker with Moseley, Hallgarten, Estabrook & Weeden, was sentenced to two months in jail and ordered to pay a $25,000 fine. Daniel Silverman, 24, was sentenced to three years probation, a $25,000 fine and ordered to provide 250 hours of community service. Shapiro and Silverman were two of the original “yuppie five,” a group of under-30-year-olds accused last year of using information supplied by Michael David, 28, while he was an attorney at the New York law firm of Paul, Weiss, Rifkind, Wharton & Garrison.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.