SEC charges 14 in two inter-related insider trading scams
NEW YORK – Insider trading charges have been brought against 14 Wall Street employees in connection with a scheme to pass non-public information in exchange for cash kickbacks.
The staffers, who all worked at UBS Securities and Morgan Stanley, are accused of running a number of separate schemes. The combined profit of two of them was $15 million, the SEC complaint alleges.
Although separate schemes, the SEC argues that many of the accused individuals were involved in both the Morgan Stanley and UBS operations between 2001 and 2006, with insiders passing illicit information to Wall Street traders in exchange for cash. The SEC also alleges the schemes were highly sophisticated, involving the use of coded messages sent from mobile phones that would be regularly disposed of and replaced.
The SEC is seeking permanent injunctive relief, disgorgement of illicit profits and the imposition of civil monetary penalities.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
French regulator wants permanent changes to EU’s output floor
Push for capital relief faces resistance from supervisors in Finland and the Netherlands
Council plans take Aquis, BME out of Esma oversight
German push to exempt Deutsche Börse catches three others, according to sources
Why watering down resolution plans is a bad idea
Bank failures are inevitable; banking crises are not
BIS’s Hernández de Cos on AI, non-bank risk and tokenisation
General manager talks about how the BIS is navigating a complex global environment
‘European SEC’ no silver bullet for growth
EU policymakers hope a single, centralised supervisor will help rev up Europe’s economy but critics are mustering
Permanent FRTB reforms seen as vital for IMA adoption
Temporary relief granted in June has done little to encourage internal model use in Europe
How to ensure the next Credit Suisse or SVB fails ‘well’
Regulators are planning changes to resolution rules after criticism that living wills were ignored in previous bank collapses
Asian firms waiting on exemptions from UST clearing mandate
Hoping for relief on extraterritoriality, 51% of Apac firms have yet to start compliance programmes