13 Busted In Big Insider Trading Scam
Plots Touch 4 Elite Wall Street Firms
Washington Post Staff Writer
Federal prosecutors unsealed criminal charges against more than a dozen people, including former executives at four of Wall Street's elite institutions, accused of engaging in thousands of improper trades in two schemes that netted more than $15 million in profit.
A grand jury in Manhattan indicted nine people on conspiracy, fraud and bribery charges. Among them were lawyers and officials responsible for protecting the integrity of the firms and the market, who instead became perpetrators, prosecutors said. They worked for such top-tier firms as UBS, Morgan Stanley, Bank of America Securities and Bear Stearns.
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