Friday, March 02, 2007

13 Busted In Big Insider Trading Scam

Plots Touch 4 Elite Wall Street Firms

Washington Post Staff Writer

Filed 3.2.07

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.

(Click & Read on courtesy of The Washington Post)

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