SEC Uncovers Insider Trading Scheme

The SEC has filed insider trading charges against seven individuals who generated millions in profits by trading on confidential information about dozens of impending mergers and acquisitions. 

Data analysis allowed the SEC’s enforcement staff to uncover the illicit trading despite the traders’ alleged use of shell companies, code words, and an encrypted, self-destructing messaging application to evade detection.

In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today unsealed criminal charges against the same seven individuals.

Source: The Securities Law Blog: SEC Uncovers Wide-Reaching Insider Trading Scheme