Garrett Bauer stood in a New York University lecture hall
and warned 150 students not to emulate him. The day trader recounted illegally
making millions of dollars over 17 years using corporate merger tips stolen by
an attorney Bloomberg reports.
“I’m here hoping you
won’t commit the same crime I committed, insider trading,” Bauer told the
students at NYU’s Stern School of Business in February. “I feel remorse. That’s
why I’m here. It’s my way of trying to apologize to everyone for what I’ve done
and try to make amends.”
Bauer described Robinson’s betrayal, his own arrest and
five-night jail stay in April 2011, and guilty pleas by all three men in one of
the largest insider-trading cases of the past decade.
Bauer and Kluger, 51, are scheduled to be sentenced today by
U.S. District Judge Katharine Hayden in Newark, New Jersey. Bauer faces nine to
11 years in prison under federal guidelines, and Kluger faces 11 to 12 years.
Hayden will decide whether Bauer deserves an 11-year term
like that given to Raj Rajaratnam, the co-founder of hedge fund Galleon Group
LLC convicted of insider trading last year.
Bauer said he hopes that his “scared straight” message,
delivered in 147 speeches since last fall at business schools, law schools,
churches and synagogues, will move the judge to grant him leniency. Sentencing
judges can consider whether a defendant has accepted responsibility and shown
remorse for his acts....
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