But I thought It Was A Perk
From Bloomberg:
A former postal worker traded on information he learned from Business Week magazine as it passed through a postal sorting facility on its way to subscribers and newsstands, according to federal prosecutors.
Charged with conspiracy and securities fraud was Davi Thomas, who worked in the Mount Vernon, N.Y., postal facility.He’s accused of reaping $154,268 in illegal profits by getting names of companies discussed in the mag’s “Inside Wall Street” column from June 1997 to January 1999, the Securities and Exchange Commission said in a related civil suit.
August 28th, 2003 at 11:28 am
Interesting. I would think that the moment it rolls off the presses, not the moment it hits the mailboxes of subscribers, would be the cut-off point for “insider” information.
This makes no sense to me.
August 29th, 2003 at 11:48 am
I would think that if it were “insider” information, Business Week shouldn’t have been allowed to print it in the first place.