NEW YORK (AP) — An Australian former research analyst has pleaded guilty to an insider trading charge in New York in a cooperation deal.
Trent Martin pleaded guilty Thursday in federal court in Manhattan to conspiracy to commit securities fraud. Martin admitted relaying information he received from a lawyer friend about IBM's 2009 acquisition of a software company to another friend he knew while he worked at a Stamford, Conn., firm.
The government said the scheme illegally generated $1 million.
In an unusual arrangement, the 24-year-old's $100,000 cash bail was changed to allow him to live in Sydney, Australia with his parents prior to his sentencing next March. He faces up to five years in prison.
Martin is an Australian citizen. He was arrested in Hong Kong in December and waived extradition.