Trader and Pals Charged for Insider Trading
Nomura trader Trent Martin was arrested last week resulting from US charges of security fraud concerning IBM’s $1.2b 09’ acquisition of software firm SPSS.
Apparently, after learning of the acquisition from a close friend working as a lawyer on the deal, Martin purchased common stock, yet not before telling his roommate (Mr Conradt). Now a total of five participants have been charged, allegedly profiting up to $1.2million on both common stock and calls after SPSS popped 41% on the day of announcement.
What follows are segments of a rather humorous exchange between Martin’s roommate, Conradt, and another associate:
Conradt: we gotta keep this in the family
Weishaus: dude, no way, i don't want to go to jail, f--- that
Conradt: jesus christ
Weishaus: martha stewart spent 5 months in the slammer
Conradt: i got no options, wtf, I'm setting this deal up for everyone
Weishaus: haha
Conradt: makin everyone rich
Weishaus: [a second friend] is gonna put in 50k, sept options
Conradt: holy f---
Weishaus: i tlak.ed [sic] to him last night
Conradt: god trent told me not to tell anyone
Weishaus: ahhaha, so awesome
Conradt: big mistake
Weishaus: eh, we'll get rich
Conradt: in any case, i'm just glad to contribute actually, you guys have done a lot for mf:, esp you and [the second friend], i didn't think for a second i wouldn't tell you
Weishaus: this is gonna be sweet, we just need this thing to pop next week, or im out
Conradt: it's gonna blow up
Weishaus: yeah, we're just time strapped, anywya [sic], lets not type
Can't post links to full article, search Trent Martin.
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