13 charged in white-collar case

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13 charged in white-collar case

By LARRY NEUMEISTER, Associated Press Writer 1 hour, 56 minutes ago

NEW YORK - Husband and wife lawyers and 11 top Wall Street workers were charged Thursday with making more than $15 million in illegal trading profit through an alleged federal securities fraud scheme, authorities said.
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Linda Chatman Thomsen, director of the Division of Enforcement for the
Securities and Exchange Commission, said in a statement that the case was "one of the most pervasive Wall Street insider trading rings since the days of Ivan Boesky and Dennis Levine" in the mid-1980s.

"What is so alarming about the conduct alleged in the SEC's case isn't just the scope of the scheme ... but, sadly, who is at the center of it," she said.

Besides the lawyers, defendants including registered representatives, compliance personnel and hedge fund portfolio managers, improperly relied on hundreds of tips during five years of illegal trading, she said.

more: http://news.yahoo.com/s/ap/20070301/ap_on_bi_ge/securities_fraud_2