Nicole McDermott, a senior executive with Security Trust Corp., has become the latest financial pro to plead guilty in the widening mutual fund scandal.
McDermott yesterday appeared in New York Supreme Court to face felony charges of grand larceny, falsifying business records and securities fraud, brought by regulators last month.
McDermott faces up to four years in prison for her role in illegal mutual fund trading practices.
“Nicole acceded to the direction of her employers and engaged in conduct she felt was wrong,” said William Brodsky, McDermott’s attorney.