Spencer Mindlin

Father-Son Insider Traders Provide Window Into ETF Markets, TD Ameritrade Phone Surveillance

By Matt Levine

The SEC’s administrative action against Spencer Mindlin & Dad yesterday had me scratching my head, and not just because TD Ameritrade managed to record a conversation between Mindlins père and fils when they had Ameritrade on hold. That should not be possible.

From what I’ve seen of this case it really doesn’t look like insider trading to me, though I’m always less willing to see insider trading than, say, the SEC is. But more interesting to me is what the case shows about the ETF market.
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Securities And Exchange Commission Charges Former Goldman Sachs Employee And His Accountant Dad With Insider Trading

By Bess Levin

1. They (allegedly) committed securities fraud for a $57,000 profit.
2. It’s not like anyone ever told them TD Ameritrade records its calls.
3. When Alfred picked up the call waiting from Spencer, do you think they kept their chat strictly business or did Alfred also get on his case about any dad-type stuff?
4. “Chew into my profit” Continue reading »