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Yes, the SEC definitely follows up on this, or so I've been told. They're not idiots, and this kind of financial crime is basically super-low-hanging fruit for
by natechols 7y ago
Yes, the SEC definitely follows up on this, or so I've been told. They're not idiots, and this kind of financial crime is basically super-low-hanging fruit for them (probably because many people make the mistake of assuming they are idiots).
- wgerard 7y ago> Yes, the SEC definitely follows up on this Yes, and they're quite adept at it even if you don't think you're leaving a trace. For example: https://www.sec.gov/news/press-release/2014-55 https://www.sec.gov/news/press-release/2014-55
- Danieru 7y agoInteresting how the middleman got off without punishment. Shows how narrow insider trading can get, which speaks the the programmer tendency to assume law is code. Rather law is interpreted and in this case only two of the three parties fell under the SEC enforcement. That neither is going to jail is also notable, SEC can take money and burn a career but stealing from the market is lots safer than selling drugs.
- thaumasiotes 7y agoWell, for insider trading, it isn't prohibited by law. It's entirely precedent.
- leoedin 7y agoThat account sounds like at least one of the 3 provided a detailed description of what happened. The SEC weren't listening into the initial conversations they had - presumably they got wind of the trading and then managed to get enough leverage on one of them to make them talk. If they didn't talk, I wonder what level of evidence the SEC would have.
- AmericanChopper 7y agoI got a call from them after a cousin I’ve never met traded the stock of the company I was working at. Anybody who works at a public company sees insider information every day. Anybody who thinks they want to profit of it, especially if they think doing so would be easy, can expect a run in with the SEC.