Word: insiderism
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Plotkin, a former Lowell House resident who was arrested for the scheme in April 2006, pleaded guilty to conspiracy to commit securities fraud and eight counts of insider trading in a U.S. District court in New York.
NEW YORK—Eugene M. Plotkin ’00, a former Goldman Sachs associate, pleaded guilty Tuesday to an insider trading conspiracy that reportedly earned him and his partner profits of more than $6.7 million.
Plotkin, once a member of the Harvard Ballroom Dance Team, partnered up with a colleague at Goldman Sachs, David Pajcin, to form the insider-trading ring. Pajcin is cooperating with authorities.
According to the original criminal complaint filed by the Securities and Exchange commission, Plotkin and Pajcin were able to create a “widespread and brazen international scheme of serial insider trading."
Lynn Turner, a former SEC chief accountant, considers the SEC one of the great governmental agencies but applauds the "excellent" report for highlighting its numerous flaws. "These investigators really lay out for the public what really happens on Wall Street and how the securities defense bar protects them," says Turner...