A former San Francisco investment banker pleaded guilty in federal court today to charges of securities fraud for an insider trading scheme between 2006 and 2007, prosecutors said.
According to the U.S. Attorney’s Office, Adnan Zaman, 30, of San Jose, admitted to passing non-public information from his firm, Lazard Ltd., and the firm’s clients to others between September 2006 and May 2007.
Profits from the tips exceeded $400,000 and in return, Zaman received cash and other financial benefits worth about $68,000, prosecutors said.
Zaman, who is out of custody, is due to be sentenced in U.S. District Court in San Francisco on one count of securities fraud on April 23. The maximum penalty for the charge is 20 years in prison and a $5 million fine.