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easymoney101

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easymoney101

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Tuesday, 04/11/2006 1:46:03 PM

Tuesday, April 11, 2006 1:46:03 PM

Post# of 7479
SEC unveils charges in insider trading ring
Tue Apr 11, 2006 11:54 AM ET



WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission announced on Tuesday charges in an international insider trading ring that involved employees at Goldman Sachs Group Inc. and Merrill Lynch and Co. Inc.

The SEC said the schemes yielded at least $6.7 million in illicit gains and were orchestrated by Eugene Plotkin, a Goldman Sachs research analyst, and David Pajcin, a former Goldman Sachs employee.

Plotkin and Pajcin persuaded a Merrill Lynch analyst to provide tips on upcoming mergers in exchange for a cut of the trading profits, the SEC said.

The two men also recruited two people to steal advance copies of Business Week magazine and give them tips on companies discussed favorably in the "Inside Wall Street" column, the commission said.

The SEC held a press conference on Tuesday morning with federal prosecutors to announce the charges.

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=domesticNews&storyID=uri:2006-04-11...

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