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Third Man in Insider Trading Scam Pleads Guilty

Joe Raedle, Getty Images

An attorney charged with passing information in an insider stock-trading scheme has pleaded guilty.
  

Matthew Kluger of Oakton, Va., admitted leaking information on pending corporate mergers to coconspirators Kenneth Robinson and Garrett Bauer. The U.S. Attorney’s Office says the men reaped millions of dollars using the information over several years.
  

Kluger worked at New York law firms Cravath, Swaine & Moore and Skadden, Arps, Slate, Meagher & Flom. The criminal charges stem from when he worked for Wilson Sonsini Goodrich & Rosati, a firm with offices in Washington, D.C.
  

In Newark Wednesday, he pleaded guilty to securities fraud, obstruction and two conspiracy counts. Three of the four counts carry a 20-year maximum prison sentence. Sentencing is set for April.
  

Robinson pleaded guilty last April and Bauer pleaded guilty last week.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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