Ex-Morgan exec pleads guilty
A former Morgan Stanley finance vice president and her husband, an ex-hedge fund analyst at ING Investment Management, pleaded guilty Wednesday to conspiracy and insider trading as part of a federal crackdown on the practice.
The couple, Jennifer Wang, 31, and Ruben Chen, 34, of Englishtown, N.J., face from 30 months to 37 months in prison and fines of as much as $5 million at their Dec. 7 sentencings. They made more than $600,000 through three illegal trades starting in 2005, authorities said.
U.S. prosecutors this year have stepped up efforts to combat insider trading. In May, former Morgan Stanley Compliance Officer Randi Collotta and her husband pleaded guilty to insider-trading charges in an unrelated case.
Wang and Chen were arrested May 10 for trading in the securities of Town and Country Trust, Glenborough Realty Trust and Genesis Health Care, based on information Wang learned from Morgan Stanley. They made their illegal trades from December 2005 to March 2007.