Today In “Web of Wall Street” Insider Trading Scandal: More Charges Coming

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We spoke with a friend of ours who used to be at the SEC earlier today who told us that the charges against the “Web-of Wall Street Fourteen—you know, the one with the guys who allegedly used information stolen from UBS Securities LLC and Morgan Stanley to trade securities—might be just the “tip of the iceberg.”
It seems we’re not the only ones hearing that more charges might be on the way. We’re just the only ones hearing it on Wednesday. On Monday, Time Magazine was already speaking to a source at the SEC.

He added that "numerous" so far unnamed individuals are or would likely come under investigation, and that a decision on charging them would be clearer "in the next few months." Friestad noted that insider trading investigations often scrutinize, and later charge, "family members, friends, college roommates and other social acquaintances" of those identified in the initial round of formal accusations. The SEC often tries to pressure those under investigation to cooperate with the agency.


More Insider Trading Charges?
[Time Magazine]

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