CRIME

Former NY investor firm exec who fled photographers pleads guilty to insider trading charge

Associated Press
Published | Updated

Michael Lucarelli walks away from federal court in Manhattan after pleading guilty to an insider trading charge Wednesday, Sept 24, 2014, in New York. Sentencing was set for Jan. 8. Lucarelli's exit contrasted with his attempt to flee photographers only weeks earlier after his arrest, when he ran out of his sandals as he raced down a sidewalk in slacks and a tank top. (AP Photo/Larry Neumeister) (The Associated Press)

Michael Lucarelli, left, walks away from federal court in Manhattan with his attorney, Patrick W. McGinley, left, at his side after pleading guilty to an insider trading charge Wednesday, Sept 24, 2014, in New York. Sentencing was set for Jan. 8. Lucarelli's exit contrasted with his attempt to flee photographers only weeks earlier after his arrest, when he ran out of his sandals as he raced down a sidewalk in slacks and a tank top. (AP Photo/Larry Neumeister) (The Associated Press)

Michael Lucarelli walks away from federal court in Manhattan after pleading guilty to an insider trading charge Wednesday, Sept 24, 2014, in New York. Sentencing was set for Jan. 8. Lucarelli's exit contrasted with his attempt to flee photographers only weeks earlier after his arrest, when he ran out of his sandals as he raced down a sidewalk in slacks and a tank top. (AP Photo/Larry Neumeister) (The Associated Press)

A former executive at a New York investor firm has pleaded guilty to an insider trading charge for using drafts of press releases to illegally earn nearly a million dollars.

Michael Lucarelli entered the plea to a federal securities fraud charge on Wednesday, his 52nd birthday.

Lucarelli signed an agreement with prosecutors saying that federal sentencing guidelines call for a prison sentence lasting three to four years. Sentencing was set for Jan. 8.

Lucarelli, dressed in a suit, strolled out of the courthouse afterward.

His exit contrasted with his attempt to flee photographers after his arrest last month. On that occasion, he ran out of his sandals as he raced down the sidewalk in a tank top and slacks, earning him a mocking "Moment of Zen" on "The Daily Show."