Two Insider Traders Walk into a Bar...

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White Collar Crime Prof Blog points out that the seemingly obvious co-conspirator-protecting alibi in a recent insider trading case--"I overheard the stock tip in a bar"--isn't holding up:

Stephen Messina will plead guilty to violating Sec. 1001(criminal information here) for making a false statement during an SEC investigation of his purchase of call options in Electronic Boutiques right before the announcement of an acquisition of the company by Game Stop that triggered a 34% increase in the stock price, giving him a profit of over $300,000. It turns out that the information came from Messina's friend Robert Downs, an attorney at the time at Philadelphia law firm Klehr Harrison, which worked on the deal, although Downs was not involved in the representation.

We'll make a note never to use that one. We're also going to avoid writing a novel detailing exactly what we plan to do and then turning it into a movie.
Would You Believe I Overheard Two Guys in a Bar Talking About the Deal? [White Collar Crime Prof Blog]

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