The longtime friend of a Canadian lawyer who was found dead this week after he was accused of insider trading has pleaded guilty to conspiracy to commit securities fraud. Authorities say the insider trading scheme earned $10 million in profits.
Stanko Grmovsek entered the plea in federal court in Manhattan in a deal suggesting a sentence of between three and four years in prison.
The plea came a day after Grmovsek's longtime friend, Gil Cornblum, was found dead in Toronto. The Globe And Mail in Toronto reported that Cornblum killed himself. It quoted his wife as saying the death was the "culmination of a life-long battle with severe depression."
Federal prosecutor Raymond Lohier said Grmovsek pleaded guilty to similar charges in Toronto earlier Tuesday.