Insider Trading Scandal - What Happened?

"There were 13 people arrested on March 1, 2007 accused of trading as insiders. The scheme involved 4 investment bankers, hedge funds, day traders, lawyers and even some supervisors who found out about the trading and blackmailed traders in order for them to keep quiet about the scheme. " Nine of the people involved have been arrested and 4 pleaded guilty to crimes including bribery and securities fraud. The Tactics Used by the traders was really familiar to investigators: tipping traders about potential up/downgrades of stocks, leaking information about stock prices moving and potential stock mergers. Two men that were arrested had met in Grand Centrals "Oyster Bar" to discuss debts owed to one another and exchange cash made from the profits of insider trading. One of the men would give his partner tips on rating changes and in return his partner would make quick changes to his funds and gain a huge profit. Over a 5 year period one of the accused men was said to have made over $5 million in illicit profits.