NEW YORK (AP) — The director of market intelligence at an investor relations firm has been arrested in New York on insider trading charges after authorities said he earned more than a half million dollars trading illegally.
Michael Lucarelli was arrested Tuesday. He was a director at Lippert/Heilshorn & Associates Inc., an investor relations firm based in Manhattan.
Prosecutors said Lucarelli violated his company’s policies and his responsibility to clients when he traded ahead of public announcements about the earnings of various companies.
Authorities said Lucarelli carried out his insider trading scheme from at least August 2013 through this month. They said he made the illegal trades using information from the working drafts of press releases his company prepared for its clients.
It was not immediately clear who would represent Lucarelli in court.
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