SEC Busts Wall Street Lawyers and Other Top Officials In Securities Fraud Scheme

   The greedy employee/scammers from Wall Street lost a few of their cohorts today as 11 of the top workers and a few husband and wife lawyer teams were charged today with making something like $15 million in illegal trades through an securities fraud scheme.  Source

Linda Chatman Thomsen, director of the Division of Enforcement for the Securities and Exchange Commission, said in a statement that the case was "one of the most pervasive Wall Street insider trading rings since the days of Ivan Boesky and Dennis Levine" in the mid-1980s.

"What is so alarming about the conduct alleged in the SEC's case isn't just the scope of the scheme ... but, sadly, who is at the center of it," she said.

Besides the lawyers, defendants including registered representatives, compliance personnel and hedge fund portfolio managers, improperly relied on hundreds of tips during five years of illegal trading, she said.

"And this conduct didn't occur in obscure boiler rooms — but rather at what are commonly considered `top tier' Wall Street firms," Thomsen said.  AP

 

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