October 18, 2018
Michael Siva, a broker and financial advisor at a New York City investment bank, pleaded guilty to securities violations in connection with his role in an insider trading scheme in which Siva and co-defendants traded on material non-public information regarding potential and unannounced merger and acquisition transactions, including tender offers, which they obtained from a co-conspirator employed as a technology consultant at a different investment bank. Siva and a co-defendant generated illicit profits in excess of $3 million on the trades, and Siva also earned thousands of dollars in commissions on the illegal trades entered on behalf of his clients. SDNY. See also, August 2017 SEC Action.