SEC Charges 14 in Wall Street Insider Trading

The Securities and Exchange Commission said Thursday it has charged 14 people in an insider trading scheme that netted more than $15 million in profits on thousands of trades, using information stolen from UBS Securities(UBS Quote - Cramer on UBS - Stock Picks) and Morgan Stanley(MS Quote - Cramer on MS - Stock Picks).

The SEC complaint alleges that eight Wall Street professionals, including a UBS research executive and a Morgan Stanley attorney; two broker-dealers and a daytrading firm participated in the scheme. The defendants also include three hedge funds, which according to the SEC were the biggest beneficiaries of the fraud.