SEC Charges 14 in Wall Street Insider Trading Ring "... The scheme involved unlawful trading ahead of upgrades and downgrades by UBS research analysts and corporate acquisition announcements involving Morgan Stanley's investment banking clients. The ringleaders of the UBS part of the scheme went to great lengths to hide their illegal conduct, first through a clandestine meeting at Manhattan's famed Oyster Bar and eventually the use of disposable cell phones, secret codes and cash kickbacks before the scheme unraveled..." SEC Litigation Release No. 20022 Incredible, despicable, yet intriguing. Look forward to seeing the resulting Hollywood film "based on a true story", so that the eventually sentenced defendants, their families, mistresses, etc., do not receive any remuneration.