Ex-OppenheimerFunds worker charged in $8M inside trade case

abcnews.go.com
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fairly difficult
A former OppenheimerFunds analyst was freed on $1.5 million bail after he was arrested on insider trading charges alleging he used company secrets to collect over $8 million in illegal profits
NEW YORK -- A former OppenheimerFunds analyst was freed Thursday on $1.5 million bail after he was arrested on insider trading charges alleging he used secrets at the firm to collect over $8 million in illegal profits.

Sergei Polevikov, 48, of Port Washington, New York, was arrested late Wednesday on securities, wire, and investment company fraud charges.

His lawyer, Brooke Cucinella, said her client was "surprised by the charges, and intends to defend against them vigorously."

She added: "The government has it wrong."

At an initial appearance in Manhattan federal court, Polevikov learned that his bail requires him to post $1.5 million in cash or property, though he was freed immediately. His spending…
LARRY NEUMEISTER Associated Press
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