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AP National Business

Ex-OppenheimerFunds worker charged in $8M inside trade case

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Published 5:13 PM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — A former OppenheimerFunds analyst was freed on $1.5 million bail after he was arrested on insider trading charges alleging he used company secrets to collect over $8 million in illegal profits. Sergei Polevikov was arrested late Wednesday. Brooke Cucinella, a lawyer who represented him Thursday in Manhattan federal court, said her client was surprised by the charges and plans to fight them vigorously. She says the government has it wrong. U.S. Attorney Audrey Strauss says Polevikov tried to conceal his scheme from his employer by lying about his trading activities while he worked there from 2014 through October 2019.

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