On Thursday, 13 people were charged with crimes such as securities fraud, wire fraud, bribery among others in what some people are calling the most scandalous insider trading rings in years. It started with a ABS security accused of selling exclusive information on things such as analyst upgrades and another attorney accused of giving out classified information on mergers and acquisitions. Two brokers from Assent LLC found out and blackmailed the people involved. Out of the 13 people accused, four pleaded guilty. The SEC found out that the people involved in such schemes as these use disposable cell phones, secret codes and cash kickbacks to conceal their cunning conduct which results in them making profits as large as 15 million dollars over a 5 year time period.
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