June 29, 2001 02:32pm
Wall Street Exec Pleads Guilty
(NEW YORK, NY) -- A former top Wall Street executive admitted feeding stock tips to Porn Star Kathryn Gannon [aka Marilyn Star] Friday and was immediately sentenced to the five months he has already served in prison.
A smiling James McDermott Jr. left a Manhattan courtroom after apologizing to his family and telling a federal judge he intends to lead a clean life. He told reporters it was good to be free of ``that 800-pound gorilla.'' [?]
``I get the feeling you've got every motive in the world to keep your nose clean,'' Judge Richard Owen told him after agreeing to the minimal sentence on a charge that could have carried to a 10-year prison sentence.
The guilty plea came after the 2nd U.S. Circuit Court of Appeals tossed out McDermott's jury conviction.
McDermott, 50, of Briarcliff Manor, N.Y., said Friday he gave Porn Star Kathryn Gannon insider tips about stocks in 1997 while he was chief executive officer of Keefe Bruyette & Woods, a New York-based investment bank specializing in mergers and acquisitions in the banking industry.
Gannon, the star of X-rated movies such as ``Babe Watch 3'' and ``Coming of Age,'' was arrested last year at her Vancouver, British Columbia, residence and is free on $50,000 bail. She also has a home in Miami.