Reported by: Corinne Ramey

The Justice Department on Wednesday charged a Teachers Insurance and Annuity Association of America trader and an associate with fraud for allegedly using stolen confidential information to profit on trades, yielding what prosecutors said were tens of millions of dollars in illegal gains. 

The U.S. Attorney’s Office for the Southern District of New York charged Lawrence Billimek, 51 years old, and Alan Williams, 77, a retired financial professional and active day trader, with securities fraud, wire fraud and conspiracy offenses.  

Mr. Billimek has been an employee of TIAA subsidiary and asset manager Nuveen, a Nuveen spokeswoman said.

Read full report: https://www.wsj.com/articles/tiaa-trader-faces-securities-fraud-charges-for-alleged-insider-trading-scheme-11671054196