Ex-Oppenheimer Adviser Pleads Guilty to U.S. Insider Trading Charges

A former investment adviser at an Oppenheimer Holdings Inc unit pleaded guilty on Tuesday to charges that he engaged in an insider trading scheme based on information supplied by a childhood friend working at Pfizer Inc.

David Hobson, 48, entered his plea in Manhattan federal court to conspiracy and securities fraud charges over conduct that began while he was at Royal Bank of Canada unit RBC Capital Markets and then continued at Oppenheimer & Co Inc.

Hobson, a Providence, Rhode Island, resident, admitted that he executed trades based on inside information supplied by Michael Maciocio, a friend at Pfizer who pleaded guilty in May as part of a deal to cooperate with prosecutors.

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