A businessman was sentenced to three years' probation and fined $25,000 for paying a printing company employee for advance information and then buying stocks he knew would be mentioned in a Business Week column.
"I'm sorry for what I did. I knew what I did was wrong," Stephen Rasinski, 35, told U.S. District Judge Terry Hatter Jr. last week before the judge handed down the sentence.Rasinski pleaded guilty to two counts of insider trading for paying a printing plant worker to find out in advance what stocks would be mentioned in Business Week's "Inside Wall Street Column." Stocks praised in the column typically rose in price, prosecutors said.
Rasinski was the second person sentenced in the case and the fourth to plead guilty.
John Petit, a Newport Beach stockbroker, pleaded guilty and was sentenced March 25 to six months in a community treatment center. Lawrence Small, a former stockbroker from Pacific Palisades, is awaiting sentencing on his guilty plea. Shayne Walters, a former employee at R.R. Donnelley & Sons printing company, pleaded guilty in New York federal court to perjury and securities, wire and mail fraud.