Ex-Morgan Stanley Broker to Plead Guilty in Insider-Trading Case
- Michael Siva was part of seven-person insider ring, U.S. said
- Broker was accused of trading on secret leaked stock tips
This article is for subscribers only.
A former Morgan Stanley broker plans to plead guilty for trading on secret tips about pending mergers that were leaked by a Bank of America Corp. consultant, prosecutors said.
The broker, Michael Siva, was one of seven people charged with securities fraud last year. Prosecutors said Siva, of West Orange, New Jersey, got the tips from a close friend, James Moodhe, whose daughter was dating the consultant, Daniel Rivas.