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Investor Relations Exec Charged With Insider Trading Opts For Business Extremely Casual At Court Appearance

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Allegations of securities fraud are apparently no reason to slip out of one's tank top, according to Michael Dupre Lucarelli, seen at left leaving federal court yesterday.

Michael Dupre Lucarelli, a former executive at Manhattan investor relations firm Lippert/Heilshorn, was charged with making almost $1 million in fraudulent profits by trading on his early access to companies’ press releases. The alleged insider trading happened before small, publicly traded companies announced earnings, mergers or trial-drug results, according to a complaint filed by the Securities and Exchange Commission. FBI agents approached Lucarelli’s boss, Keith Lippert, on July 22, asking him to monitor the alleged scammer, and asked that they keep him employed until their investigation was over, Lippert said. “They had done their homework,” Lippert told The Post...Lucarelli is no stranger to controversy, having once worked for the boiler-room operation H.J. Meyers, and he was forbidden by a regulator from having any contact with registered brokers, according to records.

SEC charges Lucarelli with scamming $1M via press releases [NYP]
SEC Charges Investor Relations Firm Executive With Insider Trading Ahead of News Announcements By Clients [SEC via Matt]