NEW YORK - A former Lehman Brothers broker who shared secrets about pending mergers he learned from his wife's work at a public relations firm has dodged prison by helping prosecutors build their New York insider trading case against other people.
Federal Judge William Pauley cited the extraordinary cooperation by Matthew Devlin on Friday when he said prison time was unnecessary.
A prosecutor says Devlin's immediate agreement to cooperate four years ago enabled the government to prosecute four other people, including two men it might never otherwise have learned about. Others made more than $2 million in illegal profits. Devlin made $23,000.