An ex-Lehman Brothers broker who stole corporate secrets from his executive wife and shared them with friends avoided serving time in prison.  The judge who issued the ruling described the broker's crime as a "tragic and senseless" act, and for a gain of just $23,000. Matthew Devlin, 38, pleaded guilty more than 3 years ago to insider trading and from that point on cooperated with authorities.  Sometimes wearing a recording device, Devlin helped the authorities convict 4 our people and obtain civil judgments against 2 others. Devlin could have been imprisoned for almost 4 years.  U.S. District Judge William Pauley in New York, instead, sentenced Devlin to 3 years' probation and added:  "He betrayed the trust of everyone ... All of it completely tragic and senseless for a sum of money that to his benefit was a rounding error in his compensation." Perhaps what served in Devlin's favor was that his case was not linked to the high-profile U.S. investigation of insider trading - like the case involving the Galleon Group hedge fund. It was just one of dozens of insider trading prosecutions in New York in recent years. Facts and Circumstances of Devlin's Case. At the time Devlin was charged, in December 2008, his case was reported with tawdry details about betraying his wife - PR executive Nina Devlin.  Ms. Devlin worked at the Brunswick Group and frequently was involved with clients on mergers and acquisitions.  Husband Matthew would listen to Nina's conversations and assessed the implications of her travel schedule, thereby illegally obtaining corporate secrets without her knowledge.  Mr. Devlin was not accused of any wrongdoing and is no longer working at the firm. Devlin received $23,000 in cash and gifts from friends for sharing stock tips with them, according to court documents.  The deals included: the 2005 acquisition of Eon Labs by Novartis AG; the 2008 hostile bid by Electronic Arts for Take-Two Interactive Software; and InBev's acquisition of Anheuser-Busch. Meanwhile, 4 of his friends made millions trading on the inside information, according to the Manhattan U.S. Attorney.  Prosecutor Reed Brodsky asked the judge to show leniency toward Devlin because he helped convict all four men. Devlin's Career at Lehman. Devlin spent 8 years at Lehman, then continued with Barclays after Lehman's September 2008 collapse.  He now is the couple's primary care provider for their 3-year old son.  While Lehman emerged from bankruptcy 2-1/2 weeks ago, Devlin's financial services career was destroyed. Devlin's lawyer, Mary Mulligan, sought a sentence of 1 year's probation.  The judge gave him 3 years' probation.  At the sentencing hearing, Devlin, in tears, told the judge that his conduct was "reckless, selfish, and inexcusable," and that he had spent the last 3-1/2 years trying to repair the damage. As far as the other 4, all 4 pled guilty.  They are: Miami day traders Jamil Bouchareb and Daniel Corbin, former Lehman broker Frederick Bowers, and former tax lawyer Eric Holzer, who had been with Paul, Hastings, Janofsky & Walker in New York. The case is: USA v. Devlin, U.S. District Court for the Southern District of New York, No. 08-01307. Click for the referenced story:  [Reuters, 3/23/12].