“Free-rider” pleads guilty in Ohio criminal case

The U.S. Attorney’s Office announced that Sean M. Daly pleaded guilty to securities fraud today (July 6) in connection with a case brought against him in Ohio last year. Prosecutors accused Daly of “free-riding” — buying stocks without the funds to cover the purchase in anticipation of an upward swing in the price. He was sentenced to 41 months in prison and ordered to pay $5.7 million in restitution to cover loses at the firms he traded through. Authorities said Daly operated his scheme from 2000 to 2007.

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