Wednesday, April 12, 2006

Arrested for insider trading charges at 23

It seems there is no age limit for white-collar crime. Gordon Gekko, in the Wall Street movie, was in his 40s when he was arrested for insider-trading... Well today it's starting in the early 20s as reported by the Washington Post. Two employees of top Wall Street banks (Merrill and Goldman) have been arrested on insider-trading charges. The Merrill analyst is 23 and the Goldman associate is 26. They were helped by a former Goldman employee who is 29. The SEC estimates that the trio has made $6.7m. If charged, they would face up to 70 years of prison. Way to go to start a good career!

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