Tampa lawyer Walter "Chet’’ Little was sentenced this week to 27 months in federal prison for engaging in an insider trading scheme that reaped him and a friend profits totaling nearly $1 million.
According to federal authorities, Little accessed computers of his then-employer, the law firm, Foley & Lardner, to obtain information about Harley Davidson, Oshkosh and other Foley clients before public announcements that could affect their stock prices. Little shared the information with Andrew Berke, a neighbor in Apollo Beach, and the two men then exercised stock options.
Little, 44, pleaded guilty in November to one count of conspiracy to commit insider trading. As a result of his sentencing Thursday, he faces immediate suspension from practicing law in Florida. Berke, 49, who pleaded guilty to conspiracy and securities fraud charges in December, is to be sentenced April 7.