Former Stock Broker Gets Prison Term for Insider Trading Cover-up
Jun. 04, 1991
BOSTON (AP) _ The self-proclaimed king of New England bank stocks was sentenced to a year and a day in prison and fined $10,000 for his role in a four-state securities scandal.
Charles Howard, 45, former director of the defunct Wall Street firm of Thomson McKinnon Securities Inc., pleaded guilty April 1 to conspiring to obstruct a Securities and Exchange Commission investigation and lying to investigators.
U.S. District Judge Walter Jay Skinner on Monday ordered Howard to surrender July 8.
Howard, a former stockbroker from Bedford, N.H., was the main target of a federal crackdown on the brokerage firm in March 1990. The firm paid $320,000 in penalties to New Hampshire, Maine, Vermont and Connecticut.
Howard was accused of conspiring with others to conceal from the SEC inside traders who had bought stock in Coastal Savings Bank of Portland, Maine, before the July 1986 announcement of merger plans.
He also was charged with trying to influence, obstruct and impede the SEC's investigation of the trading of Coastal stock and committing perjury before the SEC.
Howard is the last of six participants to be prosecuted in the SEC investigation of McKinnon, according to federal prosecutor Peter Mullin.