Insider Trading Busts are the Corporate World’s Darwin Awards
Courtesy of Joshua M. Brown, The Reformed Broker
Insider trading busts are the Darwin Awards of the corporate world.
The Darwin Awards are based on people doing such stupid things to end up dead that the entire human race’s gene pool is better off for their demise. When you hear about corporate insiders emailing undercover FBI agents with insider information in this day and age, you can only shake your head and ponder the utterly pathetic intellects of the people involved.
From the Wall Street Journal:
A former Walt Disney Co. employee and a friend have been arrested for allegedly trying to sell early access to the company’s earnings, the Federal Bureau of Investigation said Wednesday.
Bonnie Hoxie, a former Disney employee, and her friend Yonni Sebbag were arrested by FBI agents in Los Angeles on Wednesday, the FBI said. They are expected to appear in federal court in Los Angeles later Wednesday.
Ms. Hoxie and her friend were allegedly trying to sell early access to the company’s second-quarter earnings report to hedge funds and investment companies, the FBI said. They have been charged with wire fraud, the FBI said.
As we hear more details about the investigation, I suspect there will be even more head-scratching over how it could be possible that these people haven’t learned better by now.
No shortcuts, Ms Hoxie. Enjoy your imprisonment.
Props to the FBI for taking this one down.
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