BROS INSIDERING BROS
FINANCIAL CRIMINAL OF THE DAY
Today’s SEC collar of the day? A father-son duo! Book ‘em, Schapir-o!
Baseball’s having a hell of a (money-oriented crime) related week. First, accomplished New York Yankee and known centaur Alex Rodriguez gets busted for playing poker. Now, former MLB All-Star and Baltimore Orioles’ hall-of-famer Doug DeCinces has been charged with three others for insider trading.
In the parlance of basketball, “and one” for the Department of Justice. Via BusinessWeek, not only has a target of their charges plead guilty to stock fraud, but they also charged him today with multiple instances of insider trading, and he also happens to be the former managing director of Nasdaq. Read More
The jury’s verdict is in, and it has found Raj Rajaratnam guilty on all 14 counts. Preet Bharara is gloating and lead prosecutor Jonathan Streeter has won a formidable battle in his biggest case yet (although the defense will certainly appeal.)
But what, one must wonder, does the verdict mean for the future of Read More
White Collar Grime
To refresh your memory, Donald Longueuil is a former speed skater whose (ex?) friend, Noah Freeman, secretly pleaded guilty to insider trading and then became a government informant. The government wired up Mr. Freeman to collect electronic evidence of Mr. Longueuil destroying electronic evidence, something Mr. Longueuil did with vigor when news of Read More
The FBI has tasked agents from its Behavioral Analysis Unit with profiling the tics and traits of a Wall Street fraudster, according to Reuters.
As is pointed out a number of times in the article, this is a difficult task, since what makes people good at business might coincide with the things that make them Read More
At a pun-filled press conference in lower Manhattan today, the details of the government’s insider trading charges against Chip Skowron were set forth by Manhattan U.S. Attorney Preet Bharara, who reassured Wall Street that there’s still no end in sight to the government’s wide-reaching crackdown.
“I wish I could say that we were just about Read More
White Collar Grime
Wall Street was beginning to forget about Joseph “Chip” Skowron III, who after being investigated for insider trading last November seemed to have managed to avoid the arrests that have ensnared the rest of Wall Street. Then the news broke that he’d turned himself into the FBI.
Dr. Skowron left a residency Read More
So a rogue employee of a venerable New York company calls his buddy on a burner to get some stock tips — oh, you already know this one?
This week’s unfortunates are Matthew Kluger and Garrett Bauer. The government claims they have been trading on inside information since the 1990s, when Mr. Kluger was a Read More
Last Wednesday, inside a wood-paneled courtroom with gold taffeta curtains and wall-to-wall carpet patterned with federal seals, Raj Rajaratnam, billionaire founder of the Galleon hedge fund, stared at a far-off point in space. The man at the center of the government’s biggest insider-trading case ever, flanked by five of his attorneys and free on $100 Read More