Currency dealers in London gave information about client orders to day traders who then made bets on their behalf, sidestepping restrictions on personal trading, three people with knowledge of the practice said.
An SEC examiner lying to his boss, or an SAC trader using information provided by an investor relations guy at Dell, seem pretty defensible, but once you're getting bags of cash in bar parking lots something has gone wrong.
Sitting before a cluster of computer screens in an apartment with the drapes shut, it took Naoki Murakami seconds to make $3,500 betting $1 million that Tokyo Electric Power Co. shares would fall a fraction of a percent.
Two former day traders who were convicted of trading on stock tips gleaned from the wife of a former Lehman Brothers Holdings Inc. salesman settled claims by the U.S. Securities and Exchange Commission.
Muriel Siebert, whose success as one of Wall Street’s early, influential female analysts earned her the contacts and nest egg to become the first woman to buy a seat on the New York Stock Exchange, has died. She was 84.
Former Citigroup Inc. stockbroker Ralph Casbarro , who cooperated with prosecutors, was fined $500 and received no prison sentence or probation for his involvement in a scheme to let day traders eavesdrop on internal conversations over brokers’ “squawk boxes.”