It's good to be da' king. Thank goodness the Feds are going after something valued at $62 million rather than the billions and trillions associated with the Wall Street crash of 2008. Distractions appear to be the preferred choice rather than the more serious problems. It hasn't gone unnoticed that the small houses are the ones who get hit rather than the household names that the country knows from the bailouts.
A press conference will be held Wednesday to announce charges against seven investment professionals who participated in an insider trading scheme that allegedly netted more than $61.8 million in illegal profits based on trades of a single stock. Some arrests have already taken place. Todd Newman, who once headed technology trading for Diamondback Capital Management was arrested in Boston this morning. Newman was placed on a leave of absence in 2010 and subsequently let go by that firm.