Former Bond Trader Sentenced
WEST PALM BEACH, Fla. (AP) _ A former Wall Street bond trader was sentenced Friday to 18 months in prison for conspiring to launder $350,000 in a case related to a weapons sting.
Kevin Ingram, a former senior investment banker with Deutsche Bank, agreed to launder money offered by undercover federal agents as proceeds from illegal arms sales. Richard Lubin, Ingram’s lawyer, said his client never knew the money was from an arms deal.
``I made a horrible mistake and I did something wrong,″ Ingram, 43, of Jersey City, N.J., told the judge. ``I’m very sorry about it.″
Ingram could have received between three and four years in prison, but government prosecutors recommended the 18-month term because he agreed to testify against his co-defendants in the laundering case.
Prosecutor Rolando Garcia said Ingram’s cooperation led Diaa Mohsen and Connecticut airplane broker Walter Kapij to also plead guilty to money laundering.
Mohsen, an Egyptian national, and Mohammad Malik, a Pakistani national, have pleaded guilty to trying to export anti-aircraft missiles, night-vision goggles, rifles and other weapons to undisclosed foreign buyers.