A couple months back we offered some advice to those considering taking up the insider trading game. It was that you strongly consider a) NOT discussing your activities with your spouse or b) vow now, no matter how bad it gets, to stay married to this guy or girl, ’cause if you don’t he/she will throw it all back in your face in an attempt to get you nailed to the wall. If you don’t listen to every damn word we have to say, we can’t help you. You’ve made your bed, etc. Now here’s a little 411 for the other side: should your marriage fall apart, and should you have an inkling your former partner was trading on some material non-public information, and should you be looking for a little payback in the form of cash-money– would one million dollars do the trick?
Bonus Watch ’10: What Kind Of Take Home Can You Expect For Turning In Your Ex-Husband For Insider TradingBy Bess Levin
So you’re contemplating being on the giving or receiving end of some hot tips are you? Before you do so, may we make a suggestion? Obviously we’re not going to tell you to stop and think about the fact that it’s still currently frowned upon to trade on material non-public information. You’ve made your decision and we support that. What we are going to strongly suggest is that you consider a) NOT discussing your activities with your spouse or b) vow now, no matter how bad it gets, to stay married to this guy or girl, ’cause if you don’t he/she will throw it all back in your face in an attempt to get you nailed to the wall. Read more »
Update 1:52pm – Like we told you several weeks ago, Art Samberg and Pequot Capital Management today agreed to settle insider trading charges with the Securities and Exchange Commission for $28 million.
The SEC Division of Enforcement’s also brought a case against the alleged tipper, David Zilkha, a former Microsoft employee. That case will continue in an administrative proceeding before the Commission.
“The cases have two particularly troubling aspects — a hedge fund manager trading on illegal insider information, and his tipper source who withheld crucial information about the scheme during an SEC investigation,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “Both are high-priority targets for SEC Enforcement.” Read more »