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Published: Tuesday, 4/12/2011

N.Y. mortgage broker guilty of insider trading


NEWARK — A New York mortgage broker has admitted he was the middle man in an insider-trading scheme authorities say netted $34 million over five years.

Kenneth Robinson, 45, of Long Beach, N.Y., pleaded guilty Monday in federal court in Newark.

Oakton, Va., lawyer Matthew Kluger is accused of stealing data on upcoming mergers from his law firm and passing it to Robinson. Stock trader Garrett Bauer is accused of then buying shares for the other two. Mr. Kluger and Mr. Bauer have not entered pleas.

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