Stockbroker Admits Wire Fraud

A former stockbroker charged in the insider trading scandal involving leaked copies of Business Week magazine pleaded guilty today to one count of wire fraud.

William Dillon, 33, who was dismissed last month from his job at Merrill Lynch & Co. in New London, admitted paying $10 to $30 for advance copies of the magazine to various employees of R. R. Donnelley & Sons Co., which prints Business Week at two plants, one in Old Saybrook. Dillon, who entered his guilty plea under a bargain struck with federal prosecutors, didn’t make a statement during his brief appearance before U.S. District Judge Ellen B. Burns. He was freed on $5,000 bond and scheduled to be sentenced Oct. 12.