Feds' Latest Insider Trading Indictment
How much trouble can your insta-messaging and texting get you into? Plenty.
Two former stockbrokers, age 34 and 32, who later went to law school together and are now lawyers, were indicted yesterday in the Southern District of New York for insider trading while they were stockbrokers. One is a lawyer in Denver. He was arrested today at his home in Lousiville, CO.
They texted about wanting to avoid jail and not end up like Martha Stewart. The odd thing about the Indictment: The "unindicted co-conspirators" (my translation: cooperators) made $700k. The Colorado lawyer made $2,500.00. (His indicted pal made $130 k.) The unindicted co-conspirator who started spreading the word is from Australia and returned there when he learned of the investigation.
Not only did this young lawyer get indicted for his $2,500. gain, the Southern District of New York is asking he be held without bond. The lawyer made his first appearance in court in Denver today, and according to the docket, he was remanded into custody and detention hearing will be held tomorrow. He's got a good lawyer, and I can't imagine he won't be granted bond, but still, seeking pre-trial detention seems like overkill by the U.S. Attorney's office. [More...]
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