Insider-Trading Scheme Born of Romance Snags Another Broker

A second former Spartan Capital Securities broker was accused of making hundreds of thousands of dollars on insider trades from tips linked to a man who stole confidential corporate deal information from his girlfriend’s laptop while they were working at home during the pandemic.

Ronald Smith was charged with securities fraud and other crimes stemming from the alleged scheme, federal prosecutors in New York said in a statement announcing the unsealing of an indictment. Smith, who faces as much as 25 years in prison if convicted, turned himself in Monday and was released on a $1 million bond.