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SEC defendant Wygovsky pleads guilty in N.Y.

2022-09-29 20:50 ET - Street Wire

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by Mike Caswell

Sean Wygovsky, a former trader at Polar Asset Management Inc., has pleaded guilty to a fraud charge he faces in New York arising from a $3.6-million front-running scheme. (All figures are in U.S. dollars.) Prosecutors claimed that Mr. Wygovsky, of Toronto, placed orders ahead of hundreds of client trades, profiting from the bumps or dips that the orders caused. He hid his activity through accounts held by relatives in the United States.

Mr. Wygovsky entered the guilty plea in an appearance on Thursday, Sept. 29, before a federal judge in New York. The judge allowed him to remain free on bond until his sentencing. (Mr. Wygovsky was arrested in Texas on July 8, 2021, and secured his release on a $1-million bond with conditions that require him to remain in New York or New Jersey.)

It is not clear if Mr. Wygovsky has negotiated an agreement on a sentencing recommendation, as prosecutors have not made his plea agreement public. The charge to which he pleaded guilty is one count of securities fraud, which carries a maximum term of 20 years. As with any criminal case, the actual sentence will likely be lower, with factors such as Mr. Wygovsky's co-operation and the size of his fraud influencing the jail term. The judge will, of course, have the final say.

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