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Morgan trainee arrested
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September 12, 1997: 7:40 p.m. ET
Trader allegedly made $350,000 based on confidential information
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NEW YORK (CNNfn) - A junior analyst at J.P. Morgan & Co. was charged with insider trading Friday for allegedly trading based on confidential information he obtained on the job, a J.P. Morgan spokeswoman said.
The firm has suspended the employee, 25-year-old Roy Handojo, until Monday, when he will be fired, Morgan spokeswoman Laura Maggos told CNNfn. Handojo, a citizen of Indonesia, has lived in New York City since October 1996. If convicted, he faces up to 10 years in prison and $1 million in fines.
Federal prosecutors in Washington and New York could not immediately be reached for comment.
Handojo reportedly made $350,000 in profits from trading shares of NationsBank, Barnett Banks and ACC Consumer Financial Corp. Allegedly, he bought shares in Barnett and ACC before related acquisitions were announced publicly.
J.P. Morgan said it is cooperating with the investigation and only Handojo was involved. 
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