ot ~ SEC charges 14 for insider trading
Over $15 million in illegal profits netted, agency says
NBC VIDEO
• Trading charges
March 1: The SEC charges 14 for insider trading and netting over $15 million in profits.
MSNBC
LIVE QUOTE
SYMBOL LAST CHANGE % CHANGE
• UBS 58.51 -0.61 -1.03%
• MS 74.99 +0.07 +0.09%
QUOTE LOOKUP
Enter Company Symbol • Lookup symbol
Data: MSN Money and IDC Comstock delayed 20 min.
BREAKING NEWS
Updated: 40 minutes ago
WASHINGTON - The U.S. Securities and Exchange Commission charged 14 defendants, including three hedge funds, a UBS Securities research executive and a Morgan Stanley attorney, in an insider trading scheme that netted more than $15 million in illegal profits, the agency said on Thursday.
The eight Wall Street professionals, two broker dealers, day-trading firm, and three hedge funds are accused of participating in a scheme that used information stolen from UBS and Morgan Stanley, the SEC said.
The agency said the insiders used clandestine meetings, disposable cell phones, secret codes and cash kickbacks to cover their conduct, which involved trading ahead of upgrades and downgrades by UBS research analysts and corporate acquisition announcements by Morgan Stanley clients.
Copyright 2007 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters.
