Guilty plea in UBS trading case

Michael Koulouroudis, a man from New York, pleaded guilty yesterday to federal charges of trading on secret tips from UBS AG investment banker Nicos Stephanou, who has also admitted guilt.<br /><br />The 59-year-old man now faces up to two years in jail after his sentencing, which will take place in February, for conspiracy and securities fraud. He yesterday admitted earning $198,000 after being tipped off by Stephanou, a friend, on more than one bid. <br />