Ex-Times Auditor Admits Insider Trading
From Times Staff Reports
A former senior auditor for the Times Mirror Co. pleaded guilty in federal court Monday to illegal insider trading tied to the company’s acquisition by the Tribune Co.
Daniel J. Wooten III, 38, of Torrance netted nearly $77,000 in profits by buying 2,285 shares of Times Mirror stock in March 2000, after receiving confidential information about the impending takeover.
Under terms of a plea agreement, prosecutors will recommend that Wooten be placed on three years’ probation, serving the first six months under home detention.
He would also have to surrender his stock trading profits and pay a $3,000 fine, according to Assistant U.S. Atty. David Seide.
U.S. District Judge Margaret M. Morrow set sentencing for May 20.