Ralph Casbarro, who was fired from Citigroup before the authorities indicted him on charges of conspiracy to commit wire fraud, today received a $500 fine for his illicit activities, Bloomberg reports.
In exchange for bribes from day traders, Casbarro let them listen to orders from Citigroup clients. Those traders would then buy or sell ahead of big price moves generated by big institutional investors who were trading through Citi. Casbarro copped to charges in 2005. “I know what I did was wrong without a shadow of a doubt and I’m sorry for it,” he said upon sentencing. The SEC has also banned him from associating with any brokers or dealers going forward.
Why the wrist-slap?
“He has extensively cooperated with the government,” Casbarro’s lawyer said at the hearing. On Wall Street, snitching has its perks.
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