On Thursday, March 1, 2007, thirteen people were arrested for insider trading dating back to the 1980’s. According to the New York Times, some Wall Street Journal employees have been secretly exchanging information with employees of USB and Morgan Stanley. These secrets allowed them to buy or sell stocks before the news is made public. Amongst these people included Mitchel Guttenberg, a executive director at USB, David Tavdy, Erik Franklin, and Randi and Christopher Collotta. They were charged with conspiracy to commit securities fraud and securities fraud. If convicted guilty, they will serve about 25 years in prison.
Friday, March 2, 2007
Insider Trading Scandal-What Happened?
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