Dollars and Jens
Thursday, May 27, 2010
Three Can Keep A Secret if Two of Them Are Dead
Federal authorities alleged Wednesday that a Walt Disney Co. executive assistant and her boyfriend engaged in a ham-handed plot to sell Wall Street traders inside information, first offered in a chirpy missive sent to dozens of investment companies.I'm not sure what is the correct way to try to profit from insider information, but putting your illegal plan in writing and mailing it to dozens of strangers is not it.
"Hi, I have access to Disney's (DIS) quarterly earnings report before its release on 05/03/10," the March 5 letter began. "I am willing to share this information for a fee that we can determine later."
The alleged plan went awry. Instead of taking the bait, "multiple hedge funds reported the illicit scheme," the Securities and Exchange Commission said in a press release.
The story is from today's Wall Street Journal.