Nuveen Trader Charged in $47 Million Insider Scheme
- Lawrence Billimek was arrested in Texas on NY federal charges
- He allegedly tipped a day trader about firm’s trading plans
The Nuveen Building in Chicago in 2013.
Photographer: Raymond Boyd/Michael Ochs Archives/Getty ImagesThis article is for subscribers only.
A Nuveen LLC trader was arrested and charged with insider trading for allegedly tipping off another person about the asset management firm’s trades in a scheme that netted them tens of millions of dollars.
Lawrence Billimek was indicted Wednesday by Manhattan federal prosecutors along with his alleged tippee, a retired financial professional and day trader named Alan Williams. The two men were also sued by the US Securities and Exchange Commission, which said the proceeds of the scheme were $47 million.