Feds Charge 14 in Insider Scheme
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The Securities and Exchange Commission and the U.S. attorney charged more than a dozen individuals with participating in insider trading schemes that brought in more than $15 million in profits.
Regulators say the schemes involved illegal trading ahead of upgrades and downgrades by analysts at UBS (UBS Quote), as well as corporate acquisition announcements from investment banking clients of Morgan Stanley (MS Quote).
The SEC alleges that eight Wall Street professionals -- including a senior UBS research analyst and a former compliance officer for Morgan Stanley, two broker-dealers and one day-trading firm -- participated in the scheme. The agency says the acts violated antifraud provisions of federal securities laws. Beneficiaries of the alleged scheme included three hedge fund firms. ...
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