SEC charges 14 in two inter-related insider trading scams

- By Risk Staff
- 01 Apr 2007

The staffers, who all worked at UBS Securities and Morgan Stanley, are accused of running a number of separate schemes. The combined profit of two of them was $15 million, the SEC complaint alleges.

Although separate schemes, the SEC argues that many of the accused individuals were involved in both the Morgan Stanley and UBS operations between 2001 and 2006, with insiders passing illicit information to Wall Street traders in exchange for cash. The SEC also alleges the schemes were highly sophisticated, involving the use of coded messages sent from mobile phones that would be regularly disposed of and replaced.

The SEC is seeking permanent injunctive relief, disgorgement of illicit profits and the imposition of civil monetary penalities.

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