A Former UBS Banker Is Going To Jail For Two Years For Insider Trading And Then He'll Probably Be Deported

prisonerap031609

An ex-UBS banker is heading to jail for two years after he admitted to tipping his buddy about a potential health-care merger, the WSJ reports.

Between 2005 and 2010 Igor Poteroba told his friend Alexei Koval, who at the time worked at Northern Trust Bank in Chicago, about deals in which UBS was acting as adviser.

Poteroba, who’s from Russia, will probably be deported after he serves his term, according to the WSJ.

In addition to jail time, he has to pay a $25,000 fee; he already surrendered $465,000.

“I made some very bad mistakes and made some very bad decisions. I lost my moral compass. I’m deeply ashamed of my actions and my irresponsible conduct,” the banker said in court.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.