A former Ameriprise broker faces six months in prison and a $100,000 fine after being sentenced for insider trading.
In November of last year, a jury in the U.S. District Court in Eastern Pennsylvania found Timothy J. McGee, a franchisee advisor with Ameriprise, guilty of insider trading after he and several acquaintances allegedly netted upward of $1.8 million in trades executed prior to the 2008 merger of two insurance companies. McGee claimed that he had no knowledge of the impending merger. He was also convicted of lying under oath.
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