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Friday, December 3, 1999
Former Kings owner sentenced for insider trading
LOS ANGELES (AP) -- Former Los Angeles Kings owner Jeffrey Sudikoff was sentenced to one year and one day in federal prison Friday for insider trading.Assistant U.S. Attorney Dorothy L. Shubin said Sudikoff was involved in the largest such securities fraud ever prosecuted in the Los Angeles area.
Sudikoff, 44, the founder and former chief executive officer and chairman of the board of directors of IDB Communications Group, Inc., allegedly sold $1,837,782 of IDB stock based upon material, non-public information he learned as an executive of the company, according to Shubin and fellow U.S. Attorney Jon C. Cederberg.
Sudikoff, also fined $3 million, was sentenced by U.S. District Judge Dean D. Pregerson, who said the defendant had committed "serious lapses in judgment." Sudikoff will begin serving his prison sentence Jan. 28.
Sudikoff, who lives in suburban Pacific Palisades, and his partner, Edward Cheramy, pleaded guilty to charges brought by federal prosecutors. Cheramy will be sentenced Dec. 16.
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