A note to everyone who is looking forward to someday getting some red-hot inside information to trade on:
It’s the most easily detectable crime in the world.
Say what you want about the SEC, it is really good at busting people for insider trading. Just ask this idiot at a Perot Systems affiliate, who, for a few days, probably told himself he had made the world’s easiest $9 million.
Kara Scannell, WSJ: The Securities and Exchange Commission accused an employee of H. Ross Perot’s investment firm with insider trading based on his alleged knowledge of Dell Inc.’s planned takeover of Perot Systems Corp.
The SEC filed a civil lawsuit against Reza Saleh, an employee of Parkcentral Capital Management LP in Plano, Texas, and accused him of making $8.6 million in profit from trading stock options on Perot Systems ahead of Dell’s announcement Monday that it was buying the technology services firm.
Calls to Mr. Saleh’s home and his attorney, Patrick Craine, weren’t returned. A spokesman for Perot Systems referred all questions to an outside public relations agency, Public Strategies, which didn’t respond to requests for comment from the company and Mr. Perot. A spokesperson for Parkcentral wasn’t immediately available.