"Ex-Lehman Trader Is Guilty of Fraud
Frederick Bowers, a former salesman at Lehman Brothers Holdings, pleaded guilty to federal charges that he traded on stock tips gleaned from the wife of a colleague.
Mr. Bowers, 41, pleaded guilty to conspiracy and securities fraud and agreed to forfeit $12,000, according to a copy of his plea agreement with prosecutors. He faces up to 18 months in prison.
The guilty plea in Manhattan federal court is the third since May 5 in the case, after pleas from Eric Holzer, a tax lawyer who worked at Paul Hastings Janofsky & Walker, and Jamil Bouchareb, a former day trader.
In December, prosecutors also charged Matthew C. Devlin, a former Lehman salesman, with insider trading for stealing information from his wife, Nina, a public relations executive.
Mr. Bowers’s lawyer, Marc Agnifilo, did not immediately return a call seeking comment."