Word: sec
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...journalist's breach of ethics leads to a major SEC investigation...
...SEC last week continued to delve deep into the matter. The agency is examining every "Heard on the Street" column since August 1982 and has subpoenaed personnel records from several of the paper's staffers. The SEC is also investigating stock transactions of investors suspected of profiting from the leaks, as well as records of the brokerage houses that handled their trades...
Whatever the reason for leaking the information, confidential material can mean hefty payoffs for those who receive it. In its probe, the SEC is examining records of New York City Attorney David W.C. Clark to see whether he profited from leaks. The Journal said Clark invested in stocks and options of at least six companies just a while before Winans wrote about them. By selling them shortly after the columns appeared, Clark made $100,000 on three of the deals, according to the paper...
...reporter, R. Foster Winans, 35, one of the column's two principal writers, admitted the leaks to the Securities and Exchange Commission through an attorney, according to the article. The SEC has been investigating evidence that a group of traders made illicit profits after receiving the information from Winans, who was fired last week...
Federal law officials began concentrating on the state in the 1960s when an influx of Teamster money fueled an explosive growth in Las Vegas casinos and heightened the interest of organized crime in gambling. By the 1970s, the FBI, the IRS and the SEC had all launched investigations. The federal-local battle was joined in 1979 when U.S. agents began to track Claiborne...