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Mar 14 - 5 Charged With Insider Trading After Alcoholics Anonymous Confession

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 Mar 14 - 5 Charged With Insider Trading After Alcoholics Anonymous Confession
Unread 03-14-2012, 07:52 AMJoined Feb 2012 - away - #1
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Ahura 97 heat pts97 space
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WASHINGTON (AP) — Federal regulators on Tuesday charged a Philadelphia investment broker and four others with illegally profiting on insider information that the broker learned from a friend he met at Alcoholics Anonymous.

The group allegedly made $1.8 million from the insider trading scheme, which stretched as far away as Hong Kong.

The Securities and Exchange Commission said Timothy J. McGee, a financial adviser at Ameriprise Financial Services, bought up shares of Philadelphia Consolidated Holding Corp. after learning the insurance company was about to be acquired. A Philadelphia Consolidated executive, whom McGee had known for a decade through AA, had confided that he was facing pressure at work related to the impending merger.

The SEC said the pair had grown close, trained for triathlons together, and McGee had a.ssured the executive many times that he would keep any information they discussed confidential. The SEC said McGee instead bought up shares of the insurer and tipped off an Ameriprise colleague, Michael W. Zirinsky.

Zirinsky purchased shares worth hundreds of thousands of dollars through his own trading account, as well as those of his wife, sister, mother and grandmother, and his father also traded on the information, according to the SEC. Zirinsky then shared the tip with a Hong Kong-based friend, Paulo Lam, who passed it along to another friend. That man’s wife, Marianna sze wan Ho, then also purchased a large amount of Philadelphia Consolidated stock, regulators said.

The insurer’s shares surged 64 percent after Philadelphia Consolidated announced in July 2008 that it would be purchased by Japan’s Tokio Marine Holdings. The Zirinsky family made $562,673 selling their shares and McGee made $292,128, while Lam netted $837,975 and Ho’s take amounted to $110,580, the SEC said.

The civil complaint filed in the U.S. District Court for the Eastern District of Pennsylvania charges McGee, Michael Zirinsky, Robert Zirinsky, Lam and Ho with insider trading. The SEC is asking that they be ordered to relinquish the profits from their stock sales and pay penalties.

“McGee stole information shared with him in the utmost confidence, and as securities industry professionals he and Zirinsky clearly knew better,” said Elaine C. Greenberg, a.ssociate Director of the SEC’s Philadelphia Regional Office. “As this case demonstrates, we will follow each link in a tipping chain all the way to Hong Kong if necessary.”

Lam and Ho have agreed to settle, with Lam paying the SEC $1.2 million and Ho paying $140,000. The SEC said neither Lam nor Ho admitted or denied the allegations as part of the deal.

The Financial Industry Regulatory Authority, a private group, aided in the case.

5 Charged With Insider Trading After Alcoholics Anonymous Confession « CBS DC
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10 comments for "Mar 14 - 5 Charged With Insider Trading After Alcoholics Anonymous Confession"

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Unread 03-14-2012, 09:53 AMJoined Mar 2005 - away - #2
Freemind 41 heat pts41 space
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They are allowed to do it in congress..

But its illegal for you or I to do it.


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Unread 03-14-2012, 10:06 AMJoined Feb 2012 - away - #3
Ahura 97 heat pts97 space
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Saw an article not to long ago where it showed our members of the govt outperformed the market for several years.
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Unread 03-14-2012, 07:13 PMJoined Sep 2004 - away - #4
ddubb21  space
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Originally Posted by Universal Mind
They just passed a law which makes it illegal for them to do it too.
who gon catch 'em
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Unread 03-14-2012, 09:09 PMJoined Jun 2008 - away - #5
thetfd 1043 heat pts1043 space
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Unread 03-14-2012, 09:14 PMJoined Jun 2010 - away - #6
Sean McDevitt 5 heat pts space
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Originally Posted by Freemind
They are allowed to do it in congress..

But its illegal for you or I to do it.


wow... yes sir.
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Unread 03-14-2012, 09:34 PMJoined May 2004 - on now - #7
dawtcalm 48 heat pts48 space
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Originally Posted by ddubb21
who gon catch 'em
pretty much. but the fact there was no law against it for sooo long is crazy
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Unread 03-14-2012, 09:53 PMJoined Sep 2008 - away - #8
supervillain 204 heat pts204 space
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Sounds like a movie I've seen before...
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