Nobody's perfect but it seems like no week goes by without another action by the SEC alleging insider trading or other misconduct by members of the securities industry. According to HufPo this week was no exception.
According to a litigation release issued Feb. 17, 2012,the SEC has charged John Kinnucan and his Portland, Oregon-based expert consulting firm, Broadband Research Corporation, with insider trading. The SEC complaint (the allegations of which have to be proven in Court) alleges that Kinnucan and Broadboard tipped off clients with material, nonpublic information they obtained from "prohibited sources" inside publicly traded technology companies. The clients were allegedly portfolio managers and analysts at prominent hedge funds. In addition to the civil case, Mr. Kinnucan was arrested and charged with one count of conspiracy to commit securities fraud, one count of conspiracy to commit wire fraud, and two counts of securities fraud.
Insider trading appears to be an epidemic on Wall Street. According to the Wall Street Journal, 36 hedge fund managers have been convicted or pleaded guilty to insider trader charges. The most prominent case involved……
Read all about it at http://www.huffingtonpost.com/dan-solin/a-sane-explanation-for-in_b_1286386.html?ref=business
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