Looks like a big bust by the U.S. Securities and Exchange Commission.
From MS/NBC/Reuters:
SEC charges 13 for insider tradingHeh... You can get away for a while but the numbers don't lie and the SEC is very good at looking at numbers.
Agency says millions in illegal profits netted in scheme
U.S. prosecutors on Thursday charged 13 people, including a UBS Securities research executive and a Morgan Stanley attorney, in an insider trading scheme that the government contends netted millions in illegal profits.
The U.S. Securities and Exchange Commission brought separate charges in a civil lawsuit.
The case involves �one of the most pervasive Wall Street insider trading rings since the days of Ivan Boesky and Dennis Levine,� according to a statement from Linda Chatman Thomsen, director of the SEC Division of Enforcement.
The SEC said that the group of Wall Street insiders used clandestine meetings, disposable cell phones, secret codes and cash kickbacks to conceal their conduct, which involved trading ahead of upgrades and downgrades by UBS research analysts and corporate acquisition announcements by Morgan Stanley clients.
According to a media advisory from the U.S. Attorney�s Office in Manhattan announcing the case, 13 people face criminal charges in connection with the alleged scheme. The scheme netted more than $8 million in illegal profits, according to prosecutors.
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