As SEC Enforcement Director Rob Khuzami said today, “If you find yourself chewing the card of a cell phone…something has gone terribly wrong.”
Indeed. The SEC filed a huge insider trading case today against two lawyers, six Wall Street traders (including one dubbed “Octopussy”) and a proprietary trading firm, alleging that the scheme netted over $20 million. Full details are available in this post on my Enforcement Action blog over at Compliance Week.
