13 accused in securities fraud case |
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Published
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Thu, 01 Mar 2007 16:47
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NEW YORK (AP) - Thirteen people, including hedge fund employees and an investment bank lawyer, were charged Thursday in a federal securities fraud scheme, authorities said.Details were not immediately available because the 10 indictments and criminal information documents in Manhattan federal court were not yet unsealed.Federal prosecutors said in a release that two insider trading schemes and two separate bribery schemes over the last five years resulted in charges of securities fraud and commercial bribery involving more than $8 million in illegal profits.One of those charged was a lawyer at an investment bank who had access to information about mergers and acquisitions. Another defendant was an institutional client manager who sat in on meetings where they reviewed prospective upgrades and downgrades in stock recommendations, authorities said.Authorities said nine people were taken into custody Thursday morning. They were expected to appear in U.S. District Court later in the day.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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