Boy oh boy! When I was in law school I took " securities law " one semester . It was taught by Profesor Jacobs... I liked it but never thought too much about Section 10b(5) of The Securities Act . The Law was originally passed to curtail amongst other things, market manipulation, corruption and trading on "inside(non-public ) information" .
Since the big scandal of the 1980's involving Ivan Boesky and others , there has not really been a huge emphasis on these criminal prosecutions....Until now! Wow.
Indictments , prosecutions , convictions and now a string of guilty pleases. " Everybody is doing it"! M &A attorneys, analysts, consultants, accountants, traders, Hedge Fund managers,...You name it!
But now, we have a new one. Donald L. Johnson, a Senior Executive , at NASDAQ, at the market intelligence desk just plead guilty in District Court in Alexandria Va. Unbelievable.
You must know that this conduct (wink, wink) has been going on forever, but in my opinion all the advances in technology[plus the Justice department's willingness] have facilitated the number and effectiveness of prosecutions and pleas.
Who's next? Your thoughts.
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