We're perilously near the end of what must be our favorite insider trading case. Back in 2004, a group of young bankers got together in a spa near the Fulton Fish Market and concocted a scheme that seemed based on every insider trading case that ever existed. They'd trade on their own M&A deals. They'd steal Business Week. (Really. Business Week.) They'd front the trades through Eastern European grandmothers. Basically, it's your best ideas when you are drunk. And they did it.
Now a federal court has entered final judgments against four of the defendants. The Commission charged 17 people in connection with an international scheme that netted nearly $7 million in illicit gains.
SEC Closes Case on Jail-Bound Insiders [CCH Wall Street]





Posted by guest, Jun 06, 2008 10:11AM
The only crimes you hear of are those committed by either dumb or extremely unlucky criminals. This should definitely be catalogued under 'dumb.'