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Apr 11, 2012 8:33 PM by Jacqui Heinrich

Denver man gets probation in NY insider trade case

NEW YORK (AP) - A Denver man has been sentenced in New York to probation for his role in an insider trading scheme that earned a close friend more than $5 million in illegal profits.

U.S. District Judge Robert Patterson credited Denver investment adviser Drew Peterson on Wednesday for cooperating with authorities in their probe of the scheme. The cooperation forced Peterson to tell authorities how his father tipped him off about an oil-and-gas-company merger in 2010. Peterson's lawyer says he made only $12,000 for himself. As part of his deal with prosecutors, Peterson agreed to forfeit more than $200,000.

His father has already been sentenced to probation while Denver hedge fund owner Drew "Bo" Brownstein was sentenced to a year and a day in prison for his role.

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