Ex-Oppenheimer adviser arrested for trading on Pfizer employee's tips

Fri Jun 3, 2016 10:35am EDT
 
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NEW YORK, June 3 (Reuters) - A former investment adviser at Oppenheimer & Co Inc has been arrested on charges that he traded on inside information supplied by a Pfizer Inc employee about potential acquisitions it was considering, federal prosecutors said Friday.

David Hobson, who during the scheme also worked for a unit of Royal Bank of Canada, was charged in an indictment filed in Manhattan federal court with conspiracy securities fraud for trading on the inside tips.

The former Pfizer employee, Michael Maciocio, secretly pleaded guilty on May 20 to conspiracy and securities fraud charges, a spokeswoman for Manhattan U.S. Attorney Preet Bharara said. (Reporting by Nate Raymond in New York)