NEW YORK — The last of five young Wall Street professionals accused of insider trading dropped his fight against the charges today and pleaded guilty to conspiracy and fraud charges.
Michael N. David, 28, a former associate at the prominent New York law firm of Paul, Weiss, Rifkind, Wharton & Garrison, pleaded guilty to one count each of conspiracy to commit securities fraud, securities fraud, mail fraud and obstruction of justice.
David, center of the so-called "Yuppie Five" trading case, issued a statement through his lawyer saying he "regrets his misconduct and the damage he has done to others, especially his family."
He faces a maximum five-year prison sentence and $250,000 fine on each count. His case has nothing to do with investigations into insider trading by stock speculator Ivan F. Boesky, officials said.