NEW YORK — A former Goldman Sachs and Blackstone analyst was sentenced to 28 months in prison on Wednesday (July 17) for insider trading, after admitting that his conduct was "catastrophically stupid."
Anthony Viggiano, 27, of Baldwin, New York, was sentenced by US District Judge Valerie Caproni in Manhattan, after pleading guilty in January to securities fraud.
Viggiano was accused of passing tips on eight planned corporate mergers and partnerships between 2021 and 2023 to college friend Stephen Forlano and construction sales representative Christopher Salamone, a childhood neighbour.
Prosecutors said the scheme resulted in more than US$400,000 (S$536,320) of illegal profits for Salamone and Forlano, both of whom have also pleaded guilty, with Viggiano receiving US$35,000 from Salamone in a bag of cash.
Forlano passed some tips to a US Army captain he was friends with, prosecutors added.
The eight transactions included American International Group's sale of part of a business to Blackstone, and the purchase of satellite operator Maxar Technologies by private equity firm Advent International, a Goldman client.
Prosecutors had sought 30 months in prison, calling Viggiano "far more financially sophsticated" than his friends and "the most culpable."
Viggiano's lawyers sought one year in prison, saying the case involved not "staggering greed" but "seemingly overgrown frat boys."
They also said Viggiano hopes to reenlist in the US Marine Corps, where he served in 2019 before fracturing his hip.
In a letter to the judge, Viggiano said he believed his actions would help his friends address financial hardships, but that in hindsight "this was a catastrophically stupid decision."
Viggiano's lawyer Steven Brill said in a statement after his client's sentencing: "His inherent values and work ethic will lead him back to the right path."
Forlano was sentenced to 13 months in prison in May. Salamone's sentencing is on Aug 20. The Army captain was not criminally charged.
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