New York (Oct. 15, 2002) -- A Dallas CPA has been convicted of insider trading, earning more than $1.3 million in ill-gotten gains, federal prosecutors say.

Michael Robles, 49, of Dallas, was convicted by a Manhattan federal jury of conspiracy and securities fraud and faces up to 10 years in prison.

According to evidence at the trial, from 1995 through 1997, Robles used inside information from a friend who worked as a credit policy officer at NationsBank, now known as Bank of America.

Through his work, the friend, Richard Svoboda, gleaned confidential information about tender offers and corporate financial results, which he passed on to Robles, who then traded on the tips. Svoboda pleaded guilty to his role in the scheme in February.

-- Electronic Accountant Newswire staff

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