Goldman worker admits fraud plot

The plot is said to have involved stolen copies of Business Week

A former Goldman Sachs analyst has pleaded guilty to taking part in an insider trading plot which made more than $6.7m (£3.34m).

Eugene Plotkin, 28, pleaded guilty to conspiracy to commit fraud and insider trading charges at a New York court.

The federal case revolved around a complex plot involving Plotkin, another Goldman worker and stolen copies of Business Week magazine.

Under a plea deal Plotkin is expected to face a maximum of six years in jail.

Plotkin - who had been due to go to trial on 24 October - also agreed to forfeit $6.7m.

Plotkin and several other defendants were arrested in April 2006, accused of making millions from illegal trading by using information from pre-publication copies of Business Week.

The Goldman workers were alleged to have bribed staff at a printing plant to get early copies of the magazine.

The pair are also believed to have paid a Merrill Lynch analyst for inside information on takeovers.