A former analyst at Goldman Sachs and Blackstone, Anthony Viggiano, was sentenced to 28 months in prison for insider trading on Wednesday. Viggiano, 27, pleaded guilty in January to securities fraud after admitting to passing tips on eight planned corporate mergers and partnerships to two friends. The information allowed his friends, Stephen Forlano and Christopher Salamone, to profit illegally through trading.
Viggiano admitted to passing information between 2021 and 2023, resulting in over $400,000 in illegal profits for his friends. Prosecutors stated that Viggiano received $35,000 in cash from Salamone in exchange for the tips. Forlano also shared some of the information with a U.S. Army captain, who was not criminally charged.
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The eight transactions involved companies like American International Group (AIG), Blackstone, and Goldman Sachs’ client, Advent International. Viggiano’s lawyers argued that his actions were motivated by a desire to help his friends, not greed. They also pointed out his desire to re-enlist in the U.S. Marine Corps. However, the judge sentenced Viggiano to 28 months in prison, while Forlano received a 13-month sentence in May. Salamone’s sentencing is scheduled for August 20th.
This case serves as a reminder of the serious consequences of insider trading and the importance of upholding ethical standards in the financial industry.