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Wall Street Executive Plans to Deny Charges of Insider Trading With Porn Star
By Larry Neumeister   Associated Press
NEW YORK — A former top Wall Street executive will plead innocent to allegations he engaged in insider trading with an X-rated movie star with whom he was allegedly intimately involved, his lawyer says.

An indictment was returned Thursday against James McDermott Jr., the former chief executive officer at Keefe, Bruyette & Woods, and Kathryn Gannon, known as "Marylin Star" in the adult film industry.

A third defendant, Anthony P. Pomponio, also was charged.

All three were charged with conspiracy and securities fraud. Prosecutors allege the trio made more than $170,000 in illegal profits.

McDermott, 48, of Briarcliff Manor and Pomponio, 45, of North Caldwell, N.J., have already been arrested and freed on bail. Ms. Gannon, 30, of Miami, Fla., remains a fugitive and is believed to be in Canada.

Denis McInerney, a lawyer for McDermott, said his client will plead innocent and "we look forward to the opportunity to address these allegations in court."

A lawyer for Ms. Gannon did not return a telephone message seeking comment Thursday.

The New York investment bank chief was accused of tipping Ms. Gannon about companies on the verge of mergers that would dramatically affect their stock prices. Ms. Gannon then allegedly bought the stocks and shared the information with Pomponio, a friend.

According to court papers, McDermott, who is married, was intimately involved with Ms. Gannon while the insider trading was going on.

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