Word: friestad
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...Commission has already charged 14 defendants in an illegal scheme allegedly using information stolen from UBS Securities LLC and Morgan Stanley & Co., Inc. SEC spokesman Scott Friestad told TIME, "The Commission intends to scrutinize other trading that is highly suspicious in nature," directly tied to the case involving Catellas Development, a California-based developer of residential, retail and office and other properties. Though declining to identify those under scrutiny in the continuing probe, he said additional charges could be forthcoming against others who may have known or benefited from the alleged criminal activity...
...added that "numerous" so far unnamed individuals are or would likely come under investigation, and that a decision on charging them would be clearer "in the next few months." Friestad noted that insider trading investigations often scrutinize, and later charge, "family members, friends, college roommates and other social acquaintances" of those identified in the initial round of formal accusations. The SEC often tries to pressure those under investigation to cooperate with the agency...
...investigation began as routine probe of suspicious high-volume trading prior to the acquisition of Catellas Development," said Friestad. The probe led to Eric Franklin, a hedge fund manager for Q Capital Investment Partners, LP, a Delaware limited partnership with offices in Fort Lee, N.J. "We linked those trades to Mr. Franklin and obtained trading records for Q Capital, and Mr. Franklin's own records for his personal account, and noticed that what they had in common was Morgan Stanley as the investment banker. We also noticed that a lot of the trading preceded upgrades and downgrades issued...
Saturation Attack. Near Hailey, Idaho, miffed because a rat was chewing up a saddle he kept in a barn, Arne Friestad let fly with a shotgun, demolished the rat-and also the barn when pellets struck a nearby box of dynamite...
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