Ex-Oppenheimer & Co. employee faces insider trading charges

A former Oppenheimer & Co. Inc. financial adviser has been arrested on insider trading charges.

Authorities in New York say David Hobson teamed with a childhood friend at Pfizer Inc. to trade on secrets about potential Pfizer acquisitions. Hobson was arrested Friday at his home in Providence, Rhode Island.

Hobson's attorney hasn't returned a message seeking comment.

Manhattan federal prosecutors say Hobson's childhood friend Michael Maciocio pleaded guilty two weeks ago to conspiracy and securities fraud charges.

Authorities say the men earned $370,000 in the trades. They say Hobson earned $180,000 for himself, $40,000 for Maciocio and nearly $150,000 for other clients.

Pfizer says it's cooperating with authorities and has fired Maciocio. Oppenheimer says it is cooperating fully.