New Conviction in Insider Trading Scheme Involving Long Beach Broker

Nearly eight months after a Long Beach resident Kenneth T. Robinson pled guilty to conspiring in a $34 million insider trading scheme, Garrett Bauer, 44, of New York entered the same plea in Newark federal court Thursday.

Bauer admitted to making stock trades based on information obtained from a co-defendant, Matthew Kluger of Virginia, who allegedly had ties to prominent law firms, according to the Associated Press.

During his hearing in April, Robinson, 44, a mortgage broker, admitted to acting as the middleman, passing the insider information from Kluger to Bauer more than 10 years ago, according to Newark Star-Ledger.