Ex-Lehman broker must serve 2,000 hours community service for $4.8M insider trading scheme

Ex-Lehman broker sentenced in insider trading case

NEW YORK — A former Lehman Brothers broker has been ordered to serve 2,000 hours of community service for his role in an insider trading scheme.

Frederick Bowers of Manhattan was sentenced Wednesday by federal judge George Daniels after he pleaded guilty to conspiracy to commit securities fraud and securities fraud.

Daniels also ordered Bowers to pay a $15,000 fine and $12,000 in forfeiture.

Bowers was nabbed in a scheme that prosecutors said earned $4.8 million in profits for several people. The government said a former Lehman Brothers broker who worked with Bowers gleaned tips about pending mergers from his wife, a public relations specialist.