Frank A. Rubino, ESQ.

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Couple implicated in insider trading case

In a multi-million dollar white collar crime case, a couple has been charged with making a fortune from insider trading. The two, currently awaiting federal trial in North Carolina's Meckleburg County jail, were married in 2007.

Last summer, according to prosecutors, the couple made over a million dollars from their illegal insider trading activities. They used a substantial portion of that money to purchase 550 gold bars while in Manhatten. They also went to Las Vegas and laundered an additional $100,000 at a casino there.

When they were indicted by a federal grand jury last December, the couple immediately went on the run. However, the husband gave himself up on June 24 and the wife gave herself up one week later.

Their insider trading occurred primarily between July 2010 and July 2012, according to the official civil and criminal complaints filed in the case. Those complaints say that the couple used inside information from a Wells Fargo banker. He would give them tips and the couple would pass those along a phone tree of others wanting the information. The couple would then get paid via kickbacks in the form of cash and gold.

Wells Fargo itself has not been accused of any wrongdoing in the case, as the individual banker was operating without the knowledge of his superiors. They are cooperating with authorities, and say that they have a zero tolerance approach toward any employee who misuses confidential information. It is safe to say that the banker in the case will not be employed by Wells Fargo again.

Despite the accusations of insider trading made against them by the Securities and Exchange Commission, the couple has pleaded not guilty to the criminal charges in the case. Their attorneys decided to not offer any public comment.

White collar crime legal cases often involve high dollar amounts, and can include complaints from a number of different agencies. A Florida attorney with experience in white collar crime issues can help you mitigate the consequences of charges against you.


Source: 
The Wall Street Journal, "Insider Case Highlights Ties of Friends, Family" Jean Eaglesham, Aug. 11, 2013

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