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Prosecutors Have Some Bad News For Ukraine International Airlines

Let's just hope they didn't get too carried away at Duty Free.
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Five standby passengers: It's your lucky day.

It’s not just pastors with enough frequent-flyer miles for a one-way ticket to Kiev: Prosecutors would prefer that all five of the Ukrainian gentlemen accused of buying stolen insider tips from their hacking-happy countrymen stay right here in the U.S. of A., preferably in one of its many, many federal prison facilities. Which is definitely gonna cost UIA a few of those $30-$100 million the five allegedly earned.

Federal prosecutors have asked the courts to refuse bail to all five men arrested in connection with a scheme that enabled securities traders to benefit from confidential corporate information in news releases stolen by hackers in Ukraine before the documents were made public….

But in one court filing, federal prosecutors in Brooklyn said the men “represent substantial flight risks” because they “have strong overseas ties, and the means to escape to non-extradition countries.”

The United States does not have an extradition treaty with Ukraine.

Prosecutors Ask to Deny Bail to 5 Accused in Insider Trading Ring [DealBook]


The Universe Has Good News And Less Good News For Rajat Gupta

The less good news is that a jury found the former McKinsey executive guilty on three counts of securities fraud and one count of conspiracy for passing material non-public information to his friend*, convicted insider trader Raj Rajaratnam. The good news: 1. Rajat could go to jail for twenty years but probably won't ("Gupta faces up to 20 years in prison on each of the fraud charges and up to five years for the conspiracy charge. But his sentence is likely to be significantly lower under federal guidelines.") 2. Sentencing is scheduled for October 18 so he's got the whole summer and then some into a Zen place about going to prison. Also! Plenty of time to do all those things he was too busy for when he was working. This is gonna be his time. Time to taste the fruits and let the juices drip down his chin. The summer of Rajat! Gupta Found Guilty Of Insider Trading [WSJ] *Friend Rajat's ass.

By United States Department of Justice ( [Public domain], via Wikimedia Commons

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