Insider trading probe. Methinks he doth protest too much

From the WSJ article on the huge insider trading probe. One of those being investigated emailed his clients saying:

“Today two fresh faced eager beavers from the FBI showed up unannounced (obviously) on my doorstep thoroughly convinced that my clients have been trading on copious inside information,” the email said. “(They obviously have been recording my cell phone conversations for quite some time, with what motivation I have no idea.) We obviously beg to differ, so have therefore declined the young gentleman’s gracious offer to wear a wire and therefore ensnare you in their devious web.”

Aside from his clueless arrogance (the FBI does in fact has real fangs and claws), were I a client and assuming insider trading had occurred, I would a) immediately sever all ties upon receiving the email because anyone proclaiming loudly he is not wearing a wire might well be, b) ponder deeply why the FBI thought him worthy of wearing a wire because this implies he is in deep dooky indeed, and c) destroy any paper trails, which may have been the implicit message of the letter.

One wonders if the letter could be considered obstruction of justice and at any rate, having a John Gotti moment is a seriously dumb response. (Gotti loudly and publicly thumbed his nose at the Feds for years until his third trial sent him to prison, and that’s where he died.)

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