The ‘Delete’ Key Doesn’t Help These Insider-Trading Defendants


On February 8, 2011, the U.S. Attorney in Manhattan and the FBI announced some new indictments in a massive probe of insider trading on Wall Street. They charge two defendants not only with conspiracy to commit securities fraud but also with obstruction of justice for destroying evidence.

The five-page release issued that day by the government reads like something out of a TV crime drama, complete with turncoat informants, telltale e-mail messages, and late-night dumpster trips in a failed effort to hide evidence.

In just one instance of alleged insider trading, two hedge funds pulled in $2 million in profits nearly overnight.

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