Matthew Devlin, the former Lehman Brothers broker busted for sharing inside information gleaned from his PR pro wife Nina, was sentenced to three years probation by U.S. District Judge William Pauley. Pauley described Devlin’s relatively small-time exploits as “tragic and senseless.”
To bring us way back to December 2008, Devlin and his band of misfit client-friends made trades based on intelligence he picked up from his wife, then a Brunswick Group exec, referred to as the “golden goose.” She was never implicated, and landed at Edelman five months later.
Reports reveal Matthew made only $23,000 in the scheme, and received a light sentence due to his extensive cooperation with the FBI. Compliance Week noted that Pauley may be the first to describe such a crime as a betrayal of one’s country. Note the timing and the employer: Lehman’s collapse in September of that year precipitated a global recession. Pauley noted that Devlin and pals willing engaged in a crime that would “undermine the integrity of the financial markets which our nation relies on … so, he betrayed his country as well.”
[via Compliance Week]