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Rating:Did Fidelity Blow the Insider Trading Whistle? Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 08, 2013

Did Fidelity Blow the Insider Trading Whistle?

News summary by MFWire's editors

When a now-admitted inside trader started making strange bets, it looks it was Fidelity [profile] that helped take him down.

The Los Angeles Times reported on the guilty plea of jeweler Bryan Shaw, who confessed to paying more than $60,000 in cash, plus gifts, to KPMG partner Scott London for insider tips on several companies, including Herbalife and Skechers. The Times wrote that, according to Nathan Hochman, Shaw's attorney, "the scheme began unraveling when Fidelity Investments discovered the suspicious trades in Shaw's account and froze it."

"One can make a logical conclusion that Fidelity probably alerted the SEC," Hochman told the paper.

The SEC subpoenaed Shaw in December, and he later gave the SEC and the Justice Department a complete confession. As part of his plea deal, Shaw must return almost $1.3 million in gains. 

Edited by: Neil Anderson, Managing Editor

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