Word: sec
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...won’t be running to Foxwoods to place a million pound bet in baccarat—instead, I’ll be buying books to train myself in computer software. My license to kill has not yet been issued, but my license to search through public SEC filings for corporate tax return data seemed to arrive on my first day. Instead of a military-issued pistol and silencer, I’m armed with Excel and a mute button on my laptop...
COMPANY: Still in bankruptcy. Its $500 million settlement with the SEC is under review...
Insider trading, however, is not the focus of the criminal charges against Stewart and Bacanovic--that is left to the civil charges brought by the SEC. Several defense attorneys and former prosecutors say it would be difficult to make a criminal insider-trading case against the pair because the government would have to prove that Stewart knew the significance of Waksal's sale when she sold the stock. "It's a tricky case," says Greg Markel, a securities-law specialist at Cadwalader Wickersham & Taft in New York City. A broker passing along a tip from one client to another...
...alibi. "That, a jury can understand," says Martin Pollner, a defense lawyer at Loeb & Loeb in New York City. Prosecutors say Stewart altered evidence too. The indictment alleges that she changed the message from Bacanovic on her assistant's computer a few days before her interview with the SEC, shortly after speaking with her lawyer, and then changed it back...
Prosecutors acknowledge that with the charges against Stewart they are sending a message to other chief executives. When left unanswered, insider trading "suggests to investors that the game is rigged," says Wayne Carlin, the SEC's northeast regional director. If the SEC wins its case against Stewart, she could be barred from serving on the board of any public company, and her role as an officer of Martha Stewart Living Omnimedia would be limited. Mintz, a former federal prosecutor, says it is an accepted principle of prosecution to use celebrated cases in this way. "There's nothing improper...