HARTFORD, Conn. (CBS Connecticut and AP) – A former executive of a Connecticut-based audio-visual equipment company has been sentenced to eight months in prison on an insider trading charge.
Federal prosecutors said Friday that 46-year-old Dennis Hamilton was also sentenced to a year of probation and fined nearly $132,000, the amount he gained from his actions.
The Norwalk man was vice president of tax at Stamford-based Harman International Industries Inc., which makes speakers and other equipment under brands including Harman/Kardon and Infinity.
Authorities say in October 2013, using non-public information about Harman’s quarterly financial results, Hamilton purchased 17,000 company shares, and then through the use of covered calls realized the six-figure gain.
Hamilton pleaded guilty in March to securities fraud. He had faced up to 20 years in prison.
Harman cooperated with the investigation.
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