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June 7, 2006

Middletown man pleads guilty to insider trading case

NEW YORK - The owner of a Rhode Island company that supplied produce to U.S. Foodservice Inc. pleaded guilty today to making nearly $300,000 through inside stock trades based on a tip from a U.S. Foodservice executive.

Brady Michael Schofield, 39, of Middletown, entered the plea in U.S. District Court in Manhattan and apologized for trading on inside information he received in February 2000 from Timothy Lee, a former U.S. Foodservice purchasing executive.

He pleaded guilty to six counts of insider trading and a single count of conspiring to falsify records.

Schofield is president of Seafood Marketing Specialists, a Newport company that sells seafood, fresh produce and frozen vegetables to U.S. Foodservice.

-- With staff and wire reports

Posted by Steve Peoples  at 1:00 PM | Permalink

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