Anthony Viggiano, a former analyst at Goldman Sachs and Blackstone, received a 28-month prison sentence for insider trading. The sentence was delivered by US District Judge Valerie Caproni in Manhattan. Viggiano, 27, from Baldwin, New York, pleaded guilty to securities fraud in January, admitting his actions were “catastrophically stupid.”
Insider trading scheme unveiled
Viggiano was implicated in a scheme involving tips on eight planned corporate mergers and partnerships between 2021 and 2023. These tips were passed to college friend Stephen Forlano and construction sales representative Christopher Salamone, a childhood neighbor. The illegal activity netted over $400,000 in profits for Salamone and Forlano, with Viggiano receiving $35,000 in cash from Salamone.
High-Profile transactions
The transactions included American International Group’s sale of part of its business to Blackstone and the acquisition of satellite operator Maxar Technologies by Advent International, a Goldman client. Prosecutors highlighted Viggiano’s significant role, describing him as “far more financially sophisticated” than his co-conspirators and “the most culpable.”
Defense and sentencing
Viggiano’s lawyers argued for a one-year sentence, suggesting the case involved “seemingly overgrown frat boys” rather than “staggering greed.” They also noted Viggiano’s intention to re-enlist in the US Marine Corps, where he previously served before a hip injury in 2019.
In a letter to the judge, Viggiano expressed regret, stating, “This was a catastrophically stupid decision.” His lawyer, Steven Brill, added, “His inherent values and work ethic will lead him back to the right path.”
Forlano was sentenced to 13 months in prison in May. Salamone’s sentencing is scheduled for August 20. The US Army captain, who received some tips from Forlano, was not criminally charged.
This high-profile case underscores the severe consequences of insider trading and the commitment of federal authorities to prosecute financial crimes vigorously.