Several young investment bankers thought they’d be clever and hatched a complicated plan to profit on insider information. Now they’re going to prison. The two apparent ringleaders worked at Goldman Sachs and were probably already making 6 figures, maybe more.
So why the piggery? They, by most any standards, already had it made.
Sue is a CPA and CFE (Certified Fraud Examiner) and says, “why does someone with $500 million try to steal $10 million from someone else. I don’t know, but it happens all the time.”
Sometimes the pig gets fat. Other times, like this, they get slaughtered. What tripped them up? The FBI and SEC started watching their transactions because they were unusual and overly profitable.