[31 July 2012] -- Bloomberg Businessweek has all the details on an insider trading ring that eluded authorities for twenty years.
The case has received a lot of press in recent months, as the three men involved were sentenced in June. One of them, Matthew Kluger, received a sentence longer than that of infamous insider trader Raj Rajaratnam.
The three men–Garrett Bauer, Matthew Kluger, and Kenneth Robinson–took advantage of Kluger’s privileged access to insider information at a series of high-ranking law firms in New York City and elsewhere to trade ahead of public information. Specifically, the ring profited from Kluger’s advance knowledge of major deals involving publicly traded companies, including Sun Microsystems. Overall, during the ring’s twenty year course, the three men traded in advance of 20 deals, making a total of $37 million.