Five Arrested In Insider Trading Hacking Scheme

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I'm not saying insider trading is a stupid crime but have you ever seen anyone get away with it? They all end up like these guys. ;)

Five people were arrested and are in U.S. custody, charged in an insider trading scheme that generated more than $30 million in illegal profits, an FBI spokeswoman said on Tuesday. Prosecutors on Tuesday were announcing the indictment of nine individuals in New Jersey and Brooklyn, New York, charged with allegedly hacking publishers of company new releases and illegally trading on the stolen information.
 
disemboweler said:
Steve thinks no one gets away with insider trading... LOL
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We only catch a tiny fraction of criminal hackers so what makes you think insider trading would be any easier? All it takes is a conversation and boom we have insider trading with no electronic or paper evidence to convict on. Both parties deny the meeting took place or that they discussed insider info. On top of that, the SEC would have to suspect that someone placed a trade on insider info in the first place. Good luck with that! Insider trading may account for more money stolen than all other crimes combined in the US.

And if insider info isn't available, hedge funds (Cramer included) have been caught on camera admitting the efforts they will go through to manipulate a stock price such as pay "PR" firms to write comments on social media or other financial web sites with the goal of driving the stock price down/up depending on whether they're short or long the stock. Again, good luck sifting through the millions of fake social media accounts and tracking down the people behind them for prosecution.
 
Steve said:
I'm not saying insider trading is a stupid crime but have you ever seen anyone get away with it? They all end up like these guys. ;)

Five people were arrested and are in U.S. custody, charged in an insider trading scheme that generated more than $30 million in illegal profits, an FBI spokeswoman said on Tuesday. Prosecutors on Tuesday were announcing the indictment of nine individuals in New Jersey and Brooklyn, New York, charged with allegedly hacking publishers of company new releases and illegally trading on the stolen information.
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Politicians get away with insider trading every day.
 
ondaedg said:
We only catch a tiny fraction of criminal hackers so what makes you think insider trading would be any easier? All it takes is a conversation and boom we have insider trading with no electronic or paper evidence to convict on. Both parties deny the meeting took place or that they discussed insider info. On top of that, the SEC would have to suspect that someone placed a trade on insider info in the first place. Good luck with that! Insider trading may account for more money stolen than all other crimes combined in the US.

And if insider info isn't available, hedge funds (Cramer included) have been caught on camera admitting the efforts they will go through to manipulate a stock price such as pay "PR" firms to write comments on social media or other financial web sites with the goal of driving the stock price down/up depending on whether they're short or long the stock. Again, good luck sifting through the millions of fake social media accounts and tracking down the people behind them for prosecution.
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And I meant to quote Steve and not disembowler. Fat fingers..
 
'm not saying insider trading is a stupid crime but have you ever seen anyone get away with it?
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No Steve we don't see people get away with it... because the ones who get away with it we never see.
 
ondaedg said:
We only catch a tiny fraction of criminal hackers so what makes you think insider trading would be any easier? All it takes is a conversation and boom we have insider trading with no electronic or paper evidence to convict on. Both parties deny the meeting took place or that they discussed insider info. On top of that, the SEC would have to suspect that someone placed a trade on insider info in the first place. Good luck with that! Insider trading may account for more money stolen than all other crimes combined in the US.

And if insider info isn't available, hedge funds (Cramer included) have been caught on camera admitting the efforts they will go through to manipulate a stock price such as pay "PR" firms to write comments on social media or other financial web sites with the goal of driving the stock price down/up depending on whether they're short or long the stock. Again, good luck sifting through the millions of fake social media accounts and tracking down the people behind them for prosecution.
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You pretty much have to piss off some pretty powerful people to ever be convicted of Insider Trading, despite everyone on Wall Street participating in it, even sometimes extremely blatantly.
 
Nytegard said:
You pretty much have to piss off some pretty powerful people to ever be convicted of Insider Trading, despite everyone on Wall Street participating in it, even sometimes extremely blatantly.
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Or even worse, you have to be a complete dumbass to get caught. It may be the easiest crime there is if you have a source for inside info.
 
Abolish the stock market, it is not used for its original purpose and currently only serves to make rich people richer.
 
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