The Plotkin Plot: Another One Bites The Dust

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Yet another member of the insider trading ring alleged led by David Pajcin and Eugene Plotkin has pleaded guilty. You remember this one right? It’s the plot where the plotters seemed to put together a “greatest hits” albumn of every insider trading scheme of the past three decades to hatch their own private world-wide conspiracy. All for a total gain of the awesome sum of, uhm, less than $7 million.
The latest plea comes from one of the most elaborate parts of the plot. Nickolaus Shuster actually moved to Wisconsin to take a job at the plant where Business Week is printed in order to pass information on to his co-conspirators. Business Week, of course, is one of the traditional go-to places for insider trading. Several times over the last few decades, people have been prosecuted for trading on information obtained from advanced copies of Business Week.
All told, though, the entire infiltration scheme seems only have resulted in the plotters making one trade on one stock, for a profit of what we’re told was less than $400,000.
Note to would be insider traders—this particular trick seems to have run its course. Just because some folks made money off it in the past, doesn’t mean it’s going to work for you. Or, as we say, past performance does not guarantee future results. Stealing Business week is officially over.

Printing plant worker admits to insider trading
[Reuters]

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