Analyst who leaked iPhone sales trend data charged with insider trading and fraud
0. phoneArena 21 Feb 2012, 09:11 posted on
The "consultant" allegedly got paid hundreds of thousands for his information, and came to fame in 2010, when he publicly refused to carry an FBI wire as part of its Perfect Hedge operation. The 54-year old Kinnucan now faces up to 20 years of jailtime for each indictment, and the prosecution has overwhelming evidence against him...
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1. remixfa (Posts: 14255; Member since: 19 Dec 2008)
I called that one. :)
Wasnt it just a few months ago i was questioning why analysts dont get busted for insider trading. Like they arent making a mint on that info.
Boom. There is the first domino in that train.
3. QWIKSTRIKE (Posts: 1042; Member since: 09 Mar 2010)
Nothing will happen, these analyst all cheat with upgrades and downgrades to allow each other to short, or long stock at an opportunistic price. Wall street trading is fixed big time.
4. cr8tive007 (Posts: 53; Member since: 30 Mar 2011)
What's seemingly sad is that the analyst is just one small cog in the mix that has clearly been hung out to dry... I agree it's wrong what he did, but in the scope of things, the bigger problem is the people he SOLD the info to that he gathered. The fat whales covered shorts or went long depending making millions... those people need to be equally brought down. I should of been a member of Congress so that I could sit in on all those economic news briefs and reports so I could do some trading...