Marcus Schloss Guilty of Fraud: Marcus Schloss...

Marcus Schloss Guilty of Fraud: Marcus Schloss & Co. was found guilty of buying American Brands Inc. stock based on non-public tips--marking the first time a New York Stock Exchange specialist firm has been convicted of insider trading. However, D. Ronald Yagoda, the former head of Marcus Schloss’ arbitrage department, was acquitted for his alleged role in the scheme. A Schloss spokesman said the verdict would be appealed. The charges grew out of the 1986 “Yuppie Five” insider trading case involving five young professionals all under the age of 30. The defendants in that case all pleaded guilty to insider trading.