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Denver Man Gets Probation In NY Insider Trade Case

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(credit: iStock)

(credit: iStock)

NEW YORK (AP) — A Denver man has been sentenced in New York to probation for his role in an insider trading scheme that earned a close friend more than $5 million in illegal profits.

Federal Judge Robert Patterson credited Denver investment adviser Drew Peterson Wednesday for cooperating with authorities in their probe of the scheme. The cooperation forced Peterson to tell authorities how his father tipped him off about an oil-and-gas-company merger in 2010. Peterson’s lawyer says he made only $12,000 for himself. He agreed to forfeit more than $200,000.

His father has already been sentenced to probation while Denver hedge fund owner Drew “Bo” Brownstein was sentenced to a year and a day in prison for his role.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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