Former Morgan Stanley trader jailed for seven years


It seems "greed is good" isn't a mantra reserved solely for stock brokers on Wall Street. A former Morgan Stanley (MS) trader in Hong Kong was sentenced Friday to seven years in prison in what's been called the biggest local insider trading case.

In addition, the banker, Du Jun, a 40-year-old Beijing native, was ordered to pay fines of HK$23.3 million ($3 million), after being found guilty last week on nine counts of insider trading in 2007. He faces an additional year in jail should he fail to pay the fine within nine months. Du was also found guilty on one count of advising his wife to deal in shares.