A former San Francisco investment banker was sentenced to prison today in federal court in San Francisco for an insider trading scheme between 2006 and 2007, the U.S. attorney’s office said.
According to the U.S. attorney’s office, Adnan Zaman, 31, of San Jose, admitted to passing non-public information from his financial advisory and asset management firm, Lazard Ltd., and the firm’s clients to others between September 2006 and May 2007.
Profits to those Adnan tipped off exceeded $488,000 and in return, Zaman received cash and other financial benefits worth about $68,800, prosecutors said.
Zaman pleaded guilty on Jan. 15 to one count of securities fraud.
The maximum penalty for the charge is 20 years in prison and a $5 million fine.
Zaman was sentenced to 26 months in prison, a $78,456 fine and 800 hours of community service, the U.S. attorney’s office said. He is scheduled to begin the sentence July 6.