Investigators Break Up $15 Million Insider-Trading Ring

Associated Press LARRY NEUMEISTER March 1, 2007 10:46 PM

Investigators have broken up what they call one of the biggest Wall Street insider-trading rings since the 1980s -- a sweeping, $15 million scandal that involved power brokers at some of the nation's top financial firms and two lawyers.

In announcing the case Thursday, authorities described a criminal operation that used insiders at Morgan Stanley and Co. and UBS Securities LLC to steal valuable secrets from the companies. Prosecutors also alleged a Banc of America Securities LLC broker accepted cash kickbacks and two former representatives of Bear Stearns & Co. obtained UBS inside information.

READ FULL STORY