Insider Trading at the SEC: A Friendly User Guide

Friday, May 15, 2009 , , 0 Comments

I can't imagine that "insiders" at the SEC have all that much to work with. It's not really the Titanic one should be all that concerned about when it comes to fun with financial fraud, but apparently that is exactly what is going down at the SEC.

Keep looking, Schapiro, you're waaaay off now...

WASHINGTON (Reuters) - Two U.S. Securities and Exchange Commission employees are under investigation by federal criminal authorities for allegedly using insider information to trade stocks, a source familiar with the matter said on Thursday.

A report by the SEC's internal watchdog alleges that the two SEC lawyers traded in stock of a large financial services company despite being told by another SEC employee of ongoing investigations of that company, CBS News reported.

The SEC inspector general report said one SEC attorney under investigation works in the Office of the SEC's Chief Counsel and has access to a tremendous amount of nonpublic information, CBS News said.

An SEC spokesman said: "We take seriously even the suggestion that any SEC employee would engage in insider trading. We note that the inspector general report neither accuses any SEC employee of insider trading nor concludes that any such conduct took place."


Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.