Lawyer charged with insider trading

Discussion in 'Wall St. News' started by Pekelo, Apr 6, 2011.

  1. Pekelo

    Pekelo

    Best advise for newbies:

    Join a lawfirm and get sensitive data from firm's computers, then trade on it.

    http://www.washingtonpost.com/busin...trading-scheme/2011/04/06/AFn6n9pC_story.html

    Best part:

    "Through an unidentified middleman, Kluger passed his tips to a trader in New York, Garrett Bauer, 43, who placed trades that netted about $32 million since 2006 alone, the government alleged.
    He also urged the middleman to burn about $175,000 in cash because he was afraid his fingerprints would be found on the money, the government said."

    Hell, I would have laundered that money, instead of burning it....
     
  2. Didn't bud fox do that with some space age hand held scanner???
     
  3. That will somehow, someway, become dialogue in an upcoming epidsode of Law & Order. :D
     
  4. S2007S

    S2007S

    It never ends, every single day there is another story of insider trading...
     
  5. ammo

    ammo

    keep busting the little guys,banks untouchable
     
  6. olias

    olias

    I'm kind of impressed they caught these guys at all, especially since they don't even know who the middleman was.

    I'm curious to see what kind of punishment they get. Something tells me it won't be nearly harsh enough
     
  7. Why these guys have to go all out on every insider trade? Can't they just fly under the radar with $100k gain here and there?
     
  8. Pekelo

    Pekelo

    DISCUSSING WHAT TO DO WITH $175,000 IN CASH THAT HAD
    BAUER'S FINGERPRINTS ON IT:

    Bauer: "You know what, you know what, if you feel better, burn the money and I'll give it back to you."

    Co-conspirator: "Burn it?"

    Bauer: "I would burn it in a fire...."

    Co-conspirator: "You know something, that - that's foolish."

    LATER CONVERSATION ABOUT THE $175,000:

    Bauer: "We have to get the fingerprints off that money."

    Co-conspirator: "Yeah."

    Bauer: "Like you wearing gloves or something and wiping every bill down or something. But it has to be done. Or as, like, you giving it to me and me wiping every bill down or something."

    Co-conspirator: "You know something. Somebody did say, 'Why don't you just run it through a dish-, a washing machine?'"

    Bauer: "Well, I, I don't know. I mean, I've seen that in the movies but I don't know."

    http://www.reuters.com/article/2011...firms-text-idUSTRE7356J820110406?pageNumber=2

    ---------------------------------------

    They could have gone to Atlantic City, get chips for it and play for 1-2 days, making sure that they are around breakeven or small loss, then cash out....
     
  9. d08

    d08

    $32m in profits, he isn't exactly the "little guy".
     
  10. shocking
    im shocked
    this is shocking, really, very shocking

    arent you shocked?

    mf's multiply this by 1000, you still dont get to # of illegal $ made by insiders.
     
    #10     Apr 6, 2011