I am both saddened and outraged to have to tell you that the SEC has brought a civil complaint today against Ramesh Chakrapani in our Corporate Advisory Services Group, charging him with passing on inside information three years ago about a pending transaction on which he worked as a 30 year old vice president.
We are all shocked by this alleged breach of the law and violation of our firm's compliance policies and ethical standards. This employee has been suspended and we have told the authorities that they will have our firm's full cooperation in their investigation into this matter.
This is the first time in the firm's 24-year history that any employee of the firm has been accused of any infringement of securities laws.
Steve Schwarzman Can't Help But Make Money Hand Over Fist: Steve Schwarzman
The word's "earnings machine" were used.