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Wall Street Exec Convicted of Insider Trading

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Associated Press

A jury convicted a former top Wall Street executive of giving inside information on bank stocks to a porn movie actress. The jury in U.S. District Court in Manhattan returned its verdict after deliberating for parts of three days. James McDermott Jr., a former chief executive at an investment bank, was convicted on seven of eight counts in the indictment, as was co-defendant Anthony Pomponio, a New Jersey businessman. McDermott, former head of Keefe, Bruyette & Woods, and Pomponio both admitted to having extramarital affairs with Kathryn Gannon, but denied engaging in insider trading. They could receive up to 10 years in prison.

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