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Trader Corbin Set to Plead Guilty in New York Federal Court

Day trader Daniel Corbin, charged last year with insider trading and securities fraud, is scheduled to plead guilty in Manhattan federal court today, a court clerk said.

Corbin was one of five people indicted in December 2008 on securities fraud and conspiracy charges and accused of making illegal trades based on confidential tips gleaned from the wife of an ex-Lehman Brothers Holdings Inc. salesman. Corbin was indicted on additional counts of insider trading in April 2010.

U.S. prosecutors said the salesman, Matthew Devlin, passed on tips gleaned from his wife, a Brunswick Group public-relations executive who was involved with corporate deals. She wasn’t accused of wrongdoing.

A plea by Corbin, scheduled before U.S. Magistrate Judge Henry Pitman, would make him the last of the five people named in the indictment to plead guilty. Devlin admitted to his role in the scheme in December 2008 and agreed to cooperate with prosecutors, according to a court document.

The three other people named in the indictment pleaded guilty in May 2009: former Lehman salesman Frederick Bowers; Eric Holzer, a tax lawyer who worked at Paul Hastings Janofsky & Walker LLP; and Jamil Bouchareb, another day trader. Bowers and Holzer were both sentenced to probation, and Bouchareb is scheduled to be sentenced in July.

Ronald Gainor, an attorney representing Corbin, didn’t immediately respond to a voice-mail message left on his mobile phone seeking comment.

The case is U.S. v. Corbin, 09-cr-00463, U.S. District Judge, Southern District of New York (Manhattan).

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