EconomicsUSA: SEC Investigation: Ins+der trading rings on Wall Street

I was pleasantly surpr+zd that Securities Law Prof blog carried an item "SEC charges additional defendants in Ins+der trading rings" (Nov13,2k10).  It's the term "rings" that the Securities Exchange Commission is said to have uncovered, and ind+ted!  It seems that someone at Moody's tipped off Thomas Hardin ....

In a complaint related to SEC v. Galleon, the SEC today charged Thomas Hardin, a former managing director at a New York-based hedge fund investment adviser, Lanexa Management LLC, for insider trading in connection with two corporate takeovers and a quarterly earnings announcement. The illicit profits at Lanexa resulting from Hardin's conduct alleged in this filing exceed $950,000. 

It's comforting, shall I say, to note that the SEC is diligently pursuing its task. It's pro-actively investigating with a fine-toothed comb the inner machinations of the Machiavell's on Wall Street.  Definitely, the hedge funds and the coprorate powers-that-be need to be regulated "with a rod of iron," since they cast the world into a desperate crisis.  Harry Reid says he defeated the trend to a world depression.  I don't know about that, but a least there's strong enuff regulation now to round-up the perpetrators at Lanexa and Schottenfeld Group LC.  Hardin also used ins+der info regarding the 3Com acquisition, implicating attorneys Svi Goffer and Gautham Shankar thru their work at law firm Ropes & Gray LLP.

This item gives readers a glimpse at how these wh+t-collar criminal rings function, passing out profitable info in exchange for kickbacks when a killing is made of ill-gotten gains.

-- EconoMix with Lawt

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