Insider trading probe ensnares 14 more

[Blue_Tires]

Source: Reuters

NEW YORK (Reuters) - Fourteen people were charged with fraud and conspiracy in a dramatic widening of an insider trading scandal that has ensnared hedge fund managers, top Silicon Valley executives and a bevy of white-shoe advisers.

In complaints that read like scripts for the TV series "The Sopranos," investigators alleged suspects dropped off bags full of cash, used prepaid cellphones to dodge wiretaps, and used nicknames such as "the Greek" and "the Octopussy."

"Some of the defendants -- taking a page from the drug dealer's playbook -- deliberately used anonymous, hard-to-trace, prepaid cellphones in order to avoid detection," U.S. Attorney Preet Bharara told a news conference on Thursday.

"When sophisticated business people begin to adopt the methods of common criminals, we have no choice but to treat them as such," he added.

Federal prosecutors have alleged $40 million of insider trading profits from their investigation so far. The U.S. Securities and Exchange Commission has alleged $53 million of illegal profits in its own civil investigation. The SEC total includes some profits not reflected in the criminal probe.

Read more: http://www.reuters.com/article/newsOne/idUSTRE5A42XF20091106

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Does everything have to be so openly rigged or gamed? Can Wall Street even pretend to rise up to the ethical and professional level of the average underground unlicensed casino??

[Skink]

1. Insider trading of snacks is common...

and very lucratice.

[UpInArms]

2. ...

just looking up the bios of these people, and reading their tripe makes me feel soiled - like I if I had visted FR

meh...

[Indenturedebtor]

3. Well now they all get to work on their tennis game in a min security country club n/t

[NBachers]

4. Some question when Carly will be caught up in this whirlwind of prosecution

[No Elephants]

5. "When sophisticated business people begin to adopt the methods of common criminals,

we have no choice but to treat them as such."

And when sophisticaed business people begin to adopt the methods of sophistical criminals, we enact laws to enable them and bail them out.

See kids, it really does pay to stay in school. In fact, it pays quite a lot.

[Blue_Tires]

6. morning kick