Ex-Morgan Stanley Broker Gets One Year in Scheme
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A former broker for Morgan Stanley and Bank of America Corp. was sentenced to one year and a day in prison for receiving kickbacks in a stock-loan scheme.
Salvatore Zangari, 34, was sentenced today by U.S. District Judge John Gleeson in Brooklyn, New York. When he pleaded guilty April 15, Zangari admitted that he conspired in a plan that resulted in the payment of sham fees to a purported stock-loan finder. The scheme lasted from March 2004 to December 2005, prosecutors said.