| For Front Running at Morgan
Stanley Passi Gets Deferred
Prosecution Agreement Not a Felon
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
Jan 12 – Morgan Stanley
conspired in front-running
from 2018 to 2021 and on
January 12 got a non
prosecution agreement and
fine.
Senior official
Pawan Passi got a deferred
prosecution agreement and, to
ensure no felony record,
formally pled not guilty
before U.S. District Court for
the Southern District of New
York Magistrate Judge Robyn F.
Tarnofsky. Inner City Press
live tweeted, thread:
All rise! Milbank
for Pawan Passi [3 lawyer at
defense table] Judge
Tarnofsky: You are charged in
an information...We will
address your conditions of
release. [Pre-Trial Services
is here, but no formal court
reporter]
Judge: You
are charged with securities
fraud. Passi: Not guilty.
Defense: We've entered a
deferred prosecution
agreement. Judge: OK, no Brady
[5f] order.
DOJ, giving
thr DPA deal, says Passi
promised sellers of equity
blocks MORGAN STANLEY would
keep info on their potential
sales confidential, knowing
that he would disclose that
info to buy-side investors who
usedthe info to trade in
advance of the block
sales.
Judge: DOJ
can release you from
supervision at any time, do
you understand? Passi: Yes.
Judge: You are released on
your own recognisance. Control
date May 13.
It's signed and
done.
Deferred
Prosecution Agreement on
Patreon here.
The case is US v.
Passi, 24-cr-21 (Torres)
***
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