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Fraud and Insider Trading at Morgan Stanley?
Posted in: Greedy Brokers |
Robert Schroeder and David Weidner from Marketwatch.com report that on March 1 the SEC filed insider trading charges against 14 people, who are accused of conspiring to commit securities fraud, conspiracy and commercial bribery. Four people have already pleaded guilty. And this case is getting some attention because it involves hedge funds. That is certainly how the the head of the SEC, Chris Cox, spun it: "Our action today is one of several that will make very clear the SEC is targeting hedge-fund insider trading as a top priority," SEC Chairman Chris Cox said in a statement.
It has been years since I've been surprised by insider trading cases at big brokerage firms. But I have to admit that one aspect of this case even made me take notice. One of the alleged co-conspirators is Randy Collota. And who is she? She is an attorney at Morgan Stanley. And what did she do at Morgan Stanley before this unfortunate indictment? She worked in their Global Compliance Divison. And it's not as if she played a minor role in this. As reported by Schroeder and Weidner, she is accused of being a major player in the conspiracy. Also charged on Thursday were Randi Collotta, 30, an attorney in the global compliance division at Morgan Stanley. She allegedly tipped her husband, Christopher Collotta, 34, as well as Marc Jurman about deals between Argosy Gaming Co. and Penn National Gaming Inc. Macromedia Inc. and Adobe Systems Inc. Adobe Systems Incorporated and Pacificare Health Systems Inc. and UnitedHealth Groupin 2004 and 2005.
In the case of Pacificare, Randi Collota tipped Jurman to the deal before June 30, 2005. During the next two days, an associated of Jurman's bought 79 options in Pacificare. The deal was announced July 6. The associate, Robert Babcock, 33, sold his shares the same day.
Jurman, 31, who pleaded guilty Monday, traded for his own account and passed the information to Ken Okada, 31, and Babcock, 33, two former Bear Stearns Cos. They, in turn, repaid the Collottas hundereds of thousands of dollars.
I guess the folks at Morgan Stanley haven't gotten large enough bonusses over the last few years; they must have felt the need to help themselves to a bit more. Kudos to the reporters at marketwatch for not burying the lead. They at least realize that a conspiracy involving an attorney and compliance officer is not just another insider trading case.
Comments
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Posted by on 08/02 at 03:33 AM
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