Hedge fund manager sentenced on insider trading

A hedge fund manager was sentenced in federal court in Boston yesterday on insider trading charges, the offices of US Attorney Michael J. Sullivan and the FBI said today.

Michael K.C. Tom, 37, of Waltham was sentenced by US District Judge Reginald C. Lindsay to three years of probation, the first six months of which are to be served in a community confinement facility, federal officials said.

The charges arose from Tom's trading Citizen Bank common stock and options based on a tip from a Citizens employee about the bank's then-impending merger with Charter One Financial of Cleveland, federal officials said.

On Feb. 15., Tom pleaded guilty to an information charging him with five counts of insider trading, federal officials said.
(By Chris Reidy, Globe staff)