Ex-OppenheimerFunds worker pleads guilty to insider trading

NEW YORK (AP) — A former OppenheimerFunds analyst pleaded guilty Wednesday to a securities fraud charge alleging he used company secrets to collect over $8 million in illegal profits.

Sergei Polevikov entered the plea in Manhattan federal court.

Afterward, U.S. Attorney Damian Williams said in a release that Polevikov will forfeit the over $8 million he earned illegally.

Prosecutors said he tried to conceal his scheme from his employer by lying about his trading activities while he worked there from 2014 through October 2019.

Sentencing was scheduled for April 12.

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