Psychiatrist Pleads Innocent to Trading on Insider’s Tip

A psychiatrist pleaded innocent Thursday to charges that he illegally traded on confidential information about BankAmerica Corp. that was revealed by a patient during therapy.

The patient had learned from her husband about a 1986 attempt by Sanford I. Weill, former chief executive of Shearson Loeb Rhodes, to take the helm of BankAmerica Corp. and pump money into the company. She had confided in the psychiatrist because she was afraid that Weill’s plans would put stress on her marriage, the government said.

The psychiatrist, Robert H. Willis, 50, of Tenafly, N.J., was arraigned before Manhattan U.S. Magistrate Naomi Buchwald and released on his own recognizance. But he was ordered to turn over his passport.

Willis, who has a practice in New York City, was charged in a 46-count indictment with buying BankAmerica stocks based on inside information. If convicted, he faces a maximum penalty of five years in prison and a fine of up to $250,000 for each of the counts alleged against him.

Neither Willis nor his lawyer, Lawrence Hirsh, would comment on the charges.