Long Island Broker Tibor Klein Barred for Insider Trading
The Securities and Exchange Commission has barred broker Tibor Klein from the securities industry for insider trading. The agency says that Klein used material, non-public information when purchasing King Pharmaceuticals stock for himself and his clients before Pfizer Inc. purchased the company in 2010.
The SEC alleges that Klein gave the acquisition information to a friend also associated with a registered broker-dealer who also purchased shares of King Pharmaceuticals.
According to a report, Klein was sentenced to six months in prison, six months of house arrest, and 250 hours of community service after pleading guilty to insider trading. He was also ordered to forfeit $37,225 and pay a $20,000 fine.
Klein operated Klein Financial Services in Valley Stream, N.Y.
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