Two out of the five men are now being held for trial and the remaining three are expected to turn themselves in. The men worked for two separate Investor Relations firms and made upwards of $1 million in illegal profits.
The scariest thing is that these men worked for investor relations firms. It's not unheard of for there to be insider trading, but to have it be men who are supposed to be the gate keepers of this information is just disturbing. "'Everyone involved in the financial industry has fiduciary and ethical duties, but in this case those responsibilities were ignored in favor of profits derived from illegal stock trading,' said U.S. Attorney Andre Birotte Jr."
It's unsettling to see this happen and for this to be a continuing problem. It seems that everything the government and the industry is working towards is supposed to eliminate insider trading by providing more information and more transparency. At this point it seems the only way to truly eliminate insider trading is to take out the monetary worth of securities. Which we all know will never happen outside of a dream world.
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