Friday, September 28, 2012
OK, so you've heard this from me before....and this is directed at all those juniors about to start. Don't do it. Sure, there are lots of academic debates about why insider trading is ok. I get that. But don't do it. Today's installment: idiot former investment analysts. Did you pick that up? Former. In any event, the SEC just charged Jason Lee and his friends from college, one of whom lived in the saame condo complex with him, with insider trading. The complaint itself is full of lots of cicumstantial evidence. It doesn't look like the giovernment had access to a wiretap or that any of the alleged co-conspirators has flipped, so the case is a series of internal investment emails lining up with times of cell phone calls and text messages, the kind of stuff you get from a pen register, and bank cash withdrawals and deposits.
In any event, this is where everything seems to go really south for Jason Lee:
OK, so a decision point for Lee. Come clean and say that you know Chen. Or ... well ...
Yeah ... this isn't going to turn out well. Don't do it. It's not a good career choice. Ok, off my soapbox.