Rough Week for Wall Street

WNYC News | Jul 12, 2010

New York, NY —

Federal prosecutors say they've cracked an insider trading ring on Wall Street that involved top level employees at UBS and Morgan Stanley and involved more than $15 million in illegal trading profits.

REPORTER: Linda Thomsen of the Securities and Exchange Commission it was a big scheme.

THOMSEN: There is hardly a duty on Wall Street that the defendants didn't breach. Duties owed from attorney to client broker to customer, employee to employer, investment advisor to advisee, compliance officer to law firm.

REPORTER: Fourteen people face criminal charges in two schemes that allegedly ran for five years. One involves a UBS executive accused of selling tips on future upgrades and downgrades in stock recommendations. The second involves a Morgan Stanley attorney and her husband who allegedly told conspirators of upcoming mergers and acquisitions.

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