Denver man gets probation in NY insider trade case

Apr 12, 2012, 12:16 AM

NEW YORK (AP) – A Denver investment adviser credited for his cooperation with prosecutors was sentenced Wednesday to probation for his role in an insider trading scheme that earned a close friend more than $5 million in illegal profits.

U.S. District Judge Robert Patterson initially ordered Drew Peterson to serve three months of home confinement but even withdrew that after Peterson’s defense lawyer asked if his client could serve 200 hours of community service instead.

“I think you have acted absolutely correctly under the circumstances after having made a mistake,” Patterson said.

Given a chance to speak, Peterson said he was “extremely sorry for committing this crime.”

Peterson’s cooperation deal forced him to tell authorities how his father tipped him off that Mariner Energy Inc., an oil-and-gas-company, was going to be acquired by Apache Corp. The father sat on Mariner’s board. Peterson’s lawyer said his client made only $12,000 for himself. He agreed to forfeit more than $200,000.

The father has already been sentenced to probation while Denver hedge fund owner Drew “Bo” Brownstein was sentenced to a year and a day in prison for his part. The hedge fund portfolio manager admitted buying shares of Mariner Energy in April 2010 after receiving the inside tip.

The Securities and Exchange Commission said Brownstein made more than $5 million in illegal profits by trading in his personal accounts, the accounts of relatives and for two of his hedge funds ahead of the acquisition.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

United States News

Associated Press

Second fatal shooting this month near George Floyd Square

MINNEAPOLIS (AP) — One man died and another was seriously hurt in the second fatal shooting this month near the intersection where George Floyd died in police custody more than two years earlier. Minneapolis Police spokesman Officer Garrett Parten said officers found two wounded men with life-threatening injuries Sunday afternoon near the intersection in south […]
17 hours ago
(Facebook Photo/FBI Phoenix Division)...
KTAR.com

Armed Trump supporters protest in front of FBI Phoenix office

A group of supporters of former President Donald Trump armed themselves and gathered at the FBI office in Phoenix on Saturday to protest the recent search of his Mar-a-Lago home.
17 hours ago
Associated Press

Police: 2 dead after SUV crashes into N. Carolina restaurant

WILSON, N.C. (AP) — A sport utility vehicle crashed into a North Carolina fast-food restaurant on Sunday, killing two sibling customers, police said. The single-vehicle crash occurred at about 9:45 a.m. at a Hardee’s restaurant in the city of Wilson, around 40 miles (65 kilometers) east of the state capital, Raleigh. The Lincoln Aviator struck […]
17 hours ago
Associated Press

Hit-and-run on Chicago street leaves 3 dead, 1 injured

CHICAGO (AP) — Three people were killed and another injured when they were struck by a car during a hit-and-run on a Chicago street early Sunday, police said. A sedan hit the four males around 5 a.m. on the city’s South Side and then drove away, Chicago police said. No one was in custody, police […]
17 hours ago
Associated Press

Trial begins in shooting death of 7-year-old in Atlanta

ATLANTA (AP) — The trial is underway for a man accused of fatally shooting a 7-year-old girl who was riding in a car with her family after a day of Christmas shopping in Atlanta. Fulton County prosecutor Pat Dutcher said in his opening statement on Friday that Kennedy Maxie was struck by gunfire after the […]
17 hours ago
Navajo Code Talker Thomas Begay talks to people prior to the Arizona State Navajo Code Talkers Day ...
Associated Press

80 years later, Navajo Code Talker marks group’s early days

PHOENIX (AP) — It’s been 80 years since the first Navajo Code Talkers joined the Marines, transmitting messages using a code based on their then-unwritten native language to confound Japanese military cryptologists during World War II — and Thomas H. Begay, one of the last living members of the group, still remembers the struggle. “It […]
17 hours ago

Sponsored Articles

...
Mayo Clinic Orthopedics and Sports Medicine

Why your student-athlete’s physical should be conducted by a sports medicine specialist

Dr. Anastasi from Mayo Clinic Orthopedics and Sports Medicine in Tempe answers some of the most common questions.
...
Dr. Richard Carmona

Great news: Children under 5 can now get COVID-19 vaccine

After more than two years of battle with an invisible killer, we can now vaccinate the youngest among us against COVID-19. This is great news.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Update your child’s vaccines before kindergarten

So, your little one starts kindergarten soon. How exciting! You still have a few months before the school year starts, so now’s the time to make sure students-to-be have the vaccines needed to stay safe as they head into a new chapter of life.
Denver man gets probation in NY insider trade case