Prosecuters call for ex-Nuveen trader to be put behind bars

The government urged US District Judge Paul Gardephe to order a 70-month prison term for Billimek when he’s sentenced May 20 in New York. — Bloomberg

NEW YORK: Former Nuveen LLC trader Lawrence Billimek should spend almost six years behind bars for front-running the firm’s trades as part of a US$47mil insider trading scheme, US prosecutors have told a federal judge.

The government urged US District Judge Paul Gardephe to order a 70-month prison term for Billimek when he’s sentenced May 20 in New York, and added in a court filing on Monday that the punishment would be sufficient to discourage the ex-trader and others from committing similar crimes.