Former BusinessWeek plant worker pleads guilty
A former BusinessWeek plant worker pleaded guilty to charges that he gave out the names of stocks mentioned in stories in the magazine before it was released to the public, according to a Bloomberg story.
The story stated, “Nickolaus Shuster, who worked at Quad Graphics Inc. in Sussex, Wis., told a judge in Manhattan federal court that he tipped two people, whom he didn’t name, to the names of the stocks that were to be favorably mentioned in the Inside Wall Street column.
“‘I would steal pre-publication copies of Business Week and call these two people and relay to them the contents of the Inside Wall Street columns,’ Shuster, 25, told U.S. Magistrate Judge Debra Freeman. Shuster, who pleaded guilty to conspiracy and securities fraud, will be sentenced in January.
“The guilty plea is the third in what prosecutors said was a three-prong conspiracy involving two former employees at Goldman Sachs Group Inc., Eugene Plotkin and David Pajcin.”
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