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 NEW YORK (AP) - The defendants included husband-and-wife lawyers, registered representatives, compliance personnel and hedge fund portfolio managers who improperly relied on hundreds of tips during five years of illegal trading.
Investigators have broken up what they call one of the biggest Wall Street insider-trading rings since the 1980s — a sweeping, $15 million scandal that involved power brokers at some of the nation's top financial firms and two lawyers.
In announcing the case Thursday, authorities described a criminal operation that used insiders at Morgan Stanley and Co. and UBS Securities LLC to steal valuable secrets from the companies. Prosecutors also alleged a Banc of America Securities LLC broker accepted cash kickbacks and two former representatives of Bear Stearns & Co. obtained UBS inside information.
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