Rewarded With Cash, Cartier Watch, Tuition At Porsche Driving School

[babylonsister]

Matthew Devlin, Lehman Broker, Charged With Insider Trading On Wife's Info

LARRY NEUMEISTER | December 18, 2008 11:11 PM EST | AP


NEW YORK — A former Lehman Brothers broker who gleaned tips about pending mergers from his wife, a partner at a high-powered public relations firm, was charged Thursday in a wide-ranging insider trading scheme that earned $4.8 million in profits for several people including a former Playboy model and two lawyers, authorities said.

Federal prosecutors in Manhattan and the Securities and Exchange Commission brought the case Thursday against Matthew C. Devlin, who authorities said enabled clients and friends to make millions of dollars while he was rewarded with gifts including cash, a Cartier watch, a widescreen television and tuition at a Porsche driving school.

"By providing inside information, Devlin curried favor with his friends and business associates and received in return cash, luxury items and other benefits," the SEC said in court papers.

The SEC said those who received tips so treasured the information Devlin took from his wife that they began referring to him and his wife as the "golden goose." Devlin, 35, of Manhattan, also referred to his wife as the "golden goose," the SEC said.

more...

http://www.huffingtonpost.com/2008/12/18/matthew-devlin-lehman-bro_n_152262.html

[Dennis Donovan]

1. Bush's SEC: Looking the other way...

Christopher Cox should be in JAIL!:grr:

[melm00se]

4. Dumb question

If the Bush SEC was looking the other way, why is the SEC working in conjunction with the US attorney to bring this case?

before you say "it's 2008 and the crime took place in 2004", according to my father in law (a former forensic accountant for the FBI so he knows of what he speaks) financial crime cases take time to develop and then once the indictment is filed it takes even longer to develop the court presentations as the "how" of the crime can be extremely complex and convoluted and they challenge experienced investigators/accountants to understand much less the average juror (he ran one by me as an example and he lost me in about 5 minutes). This case development eats into a lot of man hours so it shouldn't surprise you that it creates a backlog of cases that can take several years to catch up...you'll see the same with the Obama admin, they'll be catching and prosecuting folks from the Bush years well into his 1st term.

[lapfog_1]

2. I wonder what his favors were from the Playboy model?

and I think he will still get some use out of the term "golden goose" when he goes to prison.

[undeterred]

3. How romantic.