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December 18, 2008

Another Day, Another Wall Street Scandal -- with a Playmate

Sigh, another day, another Wall Street scandal. This one is smaller and related to insider trading, but you should read the whole thing to see how stupid and brazen it was -- including the connection to a Playboy Playmate centerfold:

The Securities and Exchange Commission today charged seven individuals and two companies involved in an insider trading ring, alleging that Matthew Devlin, a former registered representative at Lehman Brothers, Inc. in New York City, traded on and tipped his clients and friends with confidential, nonpublic information about 13 impending corporate transactions. Some of Devlin's clients and friends, three of whom worked in the securities or legal professions, tipped others who also traded in the securities of the companies involved in the transactions.

More here, and the full complaint is here.

And you can insert your own variant of “it’s only when the tide goes out than you find out who is swimming naked” here: ___________________________________.

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