…well, white collar crime, anyway. Insider traders have been prosecuted by the Federal Securities and Exchange Commission, having made a mint from Electronic Arts’ failed bid to buy Grand Theft Auto publisher Take Two.
The SEC claim that former Lehman Brothers broker Matthew Devlin obtained inside information about the EA/Take Two bid from his wife, who works for a PR firm specialising in Mergers & Acquisitions deals.
Devlin then illegally passed on the leak to his clients, who went on to make $250,000 when Take Two’s shares rose. This forms only part of the estimated $4.8 million the investors are alleged to have made during their association with Devlin.
Hey, at least he didn’t shoot anyone or steal their car, right. Right?
via Kotaku
