"Interruptions from young children and the neighbor’s noisy yard work are just some of the perils of remote work. " LOL Welcome to our traders' world. Paywall btw.
He told his wife, and the wife told her employer, and the employer fired his wife as well and then she divorced him.
He wanted to quit the grind and live the easy life, so I guess he had to tell her at some point where the money was going to come from for him to be able to quit. Story without paywall from different news source: https://www.theguardian.com/busines...r-trading-wife-remote-calls-working-from-home
Bought 46000 shares of a stock that his wife's company was acquiring. C'mon now....Congress isnt even that brazen.
The guy was dumb. First, he shouldn't have bought that many shares. All he made was $1.8 million. That's hardly enough to have an easy life nowadays with still a 50% inflation rate. And second, why did he have to tell his wife? He could've just made the money quietly and nobody would know. And if he hadn't told to his wife, the wife would not know at all and wouldn't feel obligated to tell her boss and nobody would have known. And the wife is dumber. Why did she have to tell her boss about that? In criminal law, spouses cannot even testify against each other so why does she feel she's obligated to tell her boss about it? If she hadn't, again, nobody would know. Of course she didn't count on her boss hating her so much that she would get immediately fired for something that is not her fault at all. For that, she should sue them for wrongful dismissal. This is the typical case where doing the right thing is not really the right thing to do in that if you don't do the "right thing", nobody gets hurt and when you do, everybody does. Reminds me of another story about a bank in New York being the only bank prosecuted related to the financial crisis of 2008 because the CFO of the bank decided to report a small loan paperwork irregularity case and the New York District Attorney decided to make an example of the case to show that his office is doing something. The whole story is captured in the documentary "Small Enough to Jail" https://en.wikipedia.org/wiki/Abacus:_Small_Enough_to_Jail. The documentary was even nominated for an Oscar. And I hope this doesn't make the companies to force everybody to go back to work. Seriously what happened with this insider trading could've happened to anybody regardless of where she worked. Plenty of situation arises with janitors overhearing executives talking in the elevators, restaurant waiters/waitresses hearing some bankers talk, shoeshine boys listening on big suits talking on the phone while getting the shoes shined. It's unavoidable. So what you are going to do, you are going to get rid of all of the janitors, restaurant wait staff (not that they want to stay) and shoeshine boys? Honestly this could still happen even if she was working from the office. You think she works in a soundproof office in a little corner all isolated from the rest of the company? So it's ok that it happens in an office but when it happens in a home office when working remotely, all of sudden it's the problem with the home office? LOL If they want to be the control freak to get everybody back into the office, fine but don't use this case as the pathetic excuse.