Former porn star sentenced for insider trades

NEW YORK (AP) -- A former porn star who admitted profiting from insider information she received from a Wall Street executive was sentenced Wednesday to three months in prison.

"I did a lot of wrong things, but I'm an adventurous Aries and a Canadian," Kathryn Gannon, who appeared as Marylin Star in several adult films, said outside federal court. "I'm going to go to jail with my head up high, and I'm going to be the captain of my cell block."

Gannon, 33, said she hoped the sentence would restore her flagging finances.

"There is going to be a movie made about my life story," she said. "Jail time actually promotes it even better -- ching, ching!"

Gannon's co-conspirator, James McDermott Jr., was a $4 million-a-year executive known for his appearances on television investment programs.

McDermott, the former chief executive of New York-based investment bank Keefe Bruyette & Woods, admitted feeding stock tips to the porn star and was sentenced last year to the five months he had already served in jail.

Gannon, who appeared in adult movies such as "Marylin Does Miami" and "Babe Watch 3," made more than $80,000 on trades in 1997 and 1998.

U.S. District Judge Richard Owen rebuffed defense requests to sentence Gannon to home detention, saying the punishment should send a message to the investment community.