Broker Admits To Selling Cocaine
Mar. 24, 2000
NEW YORK (AP) _ A drug-addicted stock broker caught in an undercover sting on the floor of the world's largest stock exchange pleaded guilty to four counts of selling cocaine.
Frank Geneva, 45, and three others in the securities business were indicted last fall after an undercover officer posing as a New York Stock Exchange floor clerk allegedly bought cocaine from each of them during a three-month sting, paying between $40 and $100 a gram.
The cocaine was hidden in New York Stock Exchange envelopes and passed as if it were part of daily business at the exchange, said Sarah Frank, spokeswoman for the Manhattan district attorney's office.
She said the four were caught in the same sting but were working independently of one another.
Geneva, a licensed broker at B.R. Doyle & Co. who had worked on the stock exchange floor for about two decades, pleaded guilty Thursday to four counts of selling a controlled substance and one count of possession with intent to sell.
He faces two to six years in prison at sentencing May 18 as part of the plea deal.
Geneva began selling drugs ``because he was a user himself and this was a way to supplement his income,'' said his attorney, Louis Diamond.
Cases are pending against the others _ Hector Almonte, 53, Sandra Corson, 37, and Shawn Moore, 34 _ Frank said. All three are charged with criminal sale of a controlled substance and face up to 25 years in prison if convicted.
Robert Zito, NYSE vice president for communications, said drug use is not a problem at the stock exchange. He said 3,600 people work on the NYSE floor every day and said the arrests of four people are ``isolated cases.'' Zito said that as far as he knows the narcotics investigation is over.
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