The associate bought the options, and then this allegedly happened:
L. Palmer later reimbursed his former business associate for $1,000 of the funds used to purchase the put options. In the memo section of the check, L. Palmer wrote the words “Blue Horseshoe.”
“Blue Horseshoe” was an apparent reference to Michael Douglas’s instruction to Charlie Sheen in the 1987 movie Wall Street to use a coded message to convey inside information, namely, “[y]ou tell the man that Blue Horseshoe loves Anacott Steel.”
What!? I promise, the SEC has seen “Wall Street.” You’d be better off writing “illegal insider trading” in the memo section of the check. My assumption is that everyone who uses codewords to commit crimes is doing so because it feels cool, not because they want to conceal their crimes.
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