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: Ex-McGreevey aide avoids insider trading trial 
: Settlement with SEC will cost Taffet a hefty sum in fines 

: Star Ledger
: Tuesday, November 23, 2004

: BY JOSH MARGOLIN 
: Star-Ledger Staff 

: Gary Taffet, former Gov. James E. McGreevey's first chief of staff, has reached a tentative settlement with federal security regulators that will spare him a trial on insider trading charges. 

: . . .

: On June 16, the SEC accused Taffet of making $247,459 from insider stock trades while running McGreevey's political organization in the late 1990s. According to the SEC, Taffet was tipped to the stocks by Ronald Manzo, a Democratic political donor and former owner of a Hudson County insurance company who earned nearly $1 million trading illegally on the privileged information. 

: The same day Taffet was sued by federal regulators, Manzo pleaded guilty to five criminal counts stemming from the stock scheme -- three counts of insider trading and one count each of conspiracy and perjury. Manzo's guilty plea was part of a deal in which he agreed to cooperate with the SEC's investigation into Taffet. 

: Manzo has agreed to pay nearly $1.4 million in restitution and civil fines. He faces a possible 40 years in prison and $3.5 million in criminal fines when he is sentenced next month. The man who passed the tips to Manzo, bond trader Fiore "Bud" Gallucci of Staten Island, pleaded guilty to conspiracy and insider trading charges a year ago but his plea had been sealed until June. Criminal charges were not filed against Taffet. 

: . . .

: According to the SEC, Taffet originally got the stock tips from Manzo without learning Manzo's source. After Taffet made "significant profits" from the tips, Taffet asked Manzo where he was getting his information, the agency alleged. 

: "After learning the source of Manzo's tips, Taffet continued to trade on tips from Manzo ... and also pressed Manzo to provide more inside information," according to the lawsuit. 

: . . .

: For the complete article, please see the Link.


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