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Prosecutors crack insider-trading ring

By LARRY NEUMEISTER, AP
NEW YORK - The defendants included husband-and-wife lawyers, registered representatives, compliance personnel and hedge fund portfolio managers who improperly relied on hundreds of tips during five years of illegal trading.

Investigators have broken up what they call one of the biggest Wall Street insider-trading rings since the 1980s — a sweeping, $15 million scandal that involved power brokers at some of the nation’s top financial firms and two lawyers.

FULL SEC PRESS RELEASE

This country should not repeat previous mistakes in such matters. Individuals as well as the businesses related to these charges should be held accountable for the long haul if found guilty. Ken Lay dies of a heart attack after being found guilty in the Enron case and his estate is left alone. Didn’t do much for him any longer but his estate is allowed to benefit from criminal activity. And everyone is probably reminded of Martha Stewart right now. That is an unanswered question in many ways too. Who else could go to prison and upon release not miss a beat? Is that a good thing or did the system miss something there?

There is no reason to think that these 14 are the entire collection of illegal activity on Wall Street. Not for this case alone nor the remainder of questionable practices and potential crimes. How often in the past have those who have been caught had no consequence for others who may have been involved or the companies they worked for who suffered no ill effects. That is what sustains the criminal objective for some on Wall Street. Investigative efforts should be increased right now. It may be the only reason for 14 being charged is that is all the evidence available presently to support criminal charges. Let the games begin. As well as public complaints over the Enron conclusion for Ken Lay’s estate.

C. Harris
MoreWhat.com

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This entry was posted on Friday, March 2nd, 2007 at 3:08 pm and is filed under Public Affairs, Money Matters, wordpress, Law, Justice. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.