By Dow Jones Business News,
January 16, 2014, 10:58:00 AM EDT
By Ben Fox Rubin
The Financial Industry Regulatory Authority barred a J.P. Morgan Chase & Co. executive and his broker friend from
the securities industry for their alleged roles in an insider-trading scheme.
Finra said David Michael Gutman, a vice president in the conflicts office of J.P. Morgan Securities LLC, and
Christopher John Tyndall, a former registered representative at Meyers Associates L.P., were longtime personal friends
who grew together in Long Island.
The regulator said Mr. Gutman improperly shared nonpublic information with Mr. Tyndall during conversations between
March 2006 to October 2007 regarding at least 15 pending corporate merger and acquisition transactions. Mr. Tyndall then
used the information to trade ahead of at least six of the corporate announcements using personal and family accounts,
and recommended the stocks to his customers and friends, Finra said.
In connection with the investigation, Finra barred a third broker, Joseph Critelli--also a friend of Mr. Tyndall
and a registered representative at Westrock Advisors Inc. at the time--in January 2013 for failing to appear for
testimony related to his trading activity in the scheme.
In reaching their settlements, Mr. Gutman and Mr. Tyndall neither admitted nor denied the charges.
A J.P. Morgan representative wasn't immediately available for comment.
Write to Ben Fox Rubin at firstname.lastname@example.org
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