A Nuveen LLC trader pleaded not guilty to charges that he allegedly tipped off a retired financial professional and day trader about the asset management firm’s trades in a scheme that netted them more than $47 million in profit.
(Bloomberg) — A Nuveen LLC trader pleaded not guilty to charges that he allegedly tipped off a retired financial professional and day trader about the asset management firm’s trades in a scheme that netted them more than $47 million in profit.
Lawrence Billimek entered the plea before a federal magistrate judge in Manhattan on Wednesday, along with his co-defendant, Alan Williams. Each man was released on a $50,000 recognizance bond.
Prosecutors allege the scheme ran from 2016 to 2022. Using prepaid burner phones to conceal their communications, Williams would allegedly obtain information from Billimek about his firm’s plans, then acquire shares ahead of the firm. He would exit the positions once the firm began trading, according to the government.
The two men are accused of making more than $47 million in profit trading in equities including Lululemon Athletica Inc., Ulta Beauty Inc. and Vipshop Holdings Ltd.
Nuveen, a unit of TIAA, said that Billimek has been placed on leave and the company is cooperating with authorities.
Jeffrey Einhorn, a lawyer for Williams, declined to comment. An attorney for Billimek didn’t immediately respond to emails seeking comment on the charges.
The case is US v Billimek, 22-cr-675, US District Court, Southern District of New York (Manhattan).
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