Two London investment bankers were charged on Monday in the US for an insider trading scheme. The prosecutors claim that the large-scale scheme generated around $10 million in illegal profit. The spokesman for the Manhattan U.S attorney could not confirm if the couple are under arrest.
Benjamin Taylor and Darina Windsor were accused of selling insider information in exchange for more the $1 million in benefits, including cash, luxury trips, clothes, and watches. They worked for Global investment banks, Taylor at Moelis & Company and Windsor at Center View Partners.
The couple had access to material, non-public information about corporate transactions even if they were not working on the cases. They passed information to each other by email using cryptic messages and they also used temporary phones to communicate with the person buying the information in Switzerland.
According to the prosecutor, Taylor and Windsor leaked information from 22 companies over more than five years of illicit activity. The information was given to their contact in Switzerland who would activate journalists to influence stock prices.
Despite the severe enforcement of regulations around insider trading, prosecutors have convicted many bankers, traders, and corporate executives in the past months. It shows the practice still a concern.
To read the full story go to Bloomberg.com
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