Fraud of the Day: Ex-Banker Girlfriends Doubled Money on Insider Trading

According to Bloomberg’s finest two girlfriends of former Mizuho International Plc investment banker Thomas Ammann reaped returns of more than 2 million pounds ($3.2 million) trading on illegal tips about Canon Inc. (7751)’s acquisition of OCE NV, prosecutors said...... Christina Weckwerth took in nearly 2 million pounds after investing 1 million euros ($1.3 million) before the deal in 2009, Amanda Pinto, a lawyer for the U.K. Financial Services Authority, said in opening arguments at a London criminal court today. Jessica Mang, a British chiropractor, made 65,000 pounds on a 39,000-pound stake...... “These two women managed to almost double their money by trading on just one stock,” Pinto told the jury. “Each of the girlfriends considered Thomas Ammann to be their boyfriend, and neither knew of the other.”....... Both paid half the profits they made to Ammann, Pinto said. Weckwerth was charged with one count of insider trading between April and November 2009, and Mang with one count of insider trading in November of that year. They have pleaded not guilty…............................................................................................................................ Read all about it at http://www.bloomberg.com/news/2012-10-16/ex-banker-girlfriends-doubled-money-on-insider-trading-fsa-says.html