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Investor Pleads Guilty in Albertsons Trade Fraud

A banker who executed trades against confidential information that Albertsons would be sold pleaded guilty to charges of conspiracy and securities fraud, federal investigators said.

Jon Springer, Executive Editor

November 12, 2009

1 Min Read
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JON SPRINGER

NEW YORK — A banker who executed trades against confidential information that Albertsons would be sold pleaded guilty to charges of conspiracy and securities fraud, federal investigators here said.

According to the U.S. Attorney's Office, Michael Koulouroudis executed trades on tips provided to him by Nicos Stephanou, an investment banker at UBS who represented a private equity firm that was interested in acquiring Albertsons in 2005 and 2006. Koulouroudis faces up to five years in prison on conspiracy charges and up to 20 years on securities fraud, He is scheduled to be sentenced Feb. 11.

Stephanou in May pleaded guilty to seven charges of distributing tips to friends and associates including Joseph Contorinis, a former money manager for the Jefferies Paragon Fund, who was indicted by a federal grand jury on fraud charges last week.

Two other associates of Stephanou have also been charged. Ramesh Chakrapani, a managing director in Blackstone Group's mergers and acquisitions practice advising Albertsons in its sale, was arrested and charged with conspiracy and securities fraud in February related to the deal, but charges against him were later dropped.

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About the Author

Jon Springer

Executive Editor

Jon Springer is executive editor of Winsight Grocery Business with responsibility for leading its digital news team. Jon has more than 20 years of experience covering consumer business and retail in New York, including more than 14 years at the Retail/Financial desk at Supermarket News. His previous experience includes covering consumer markets for KPMG’s Insiders; the U.S. beverage industry for Beverage Spectrum; and he was a Senior Editor covering commercial real estate and retail for the International Council of Shopping Centers. Jon began his career as a sports reporter and features editor for the Cecil Whig, a daily newspaper in Elkton, Md. Jon is also the author of two books on baseball. He has a Bachelor of Arts degree in English-Journalism from the University of Delaware. He lives in Brooklyn, N.Y. with his family.

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