Lehman Banker Busted For Insider Trading


Turn your attention away from the Madoff scandal for a moment and meet the unwitting “golden goose” Nina Devlin and her Lehman spouse, Matthew Devlin.

He passed on info gleaned from pillow talk with his wife who worked at Brunswick, a high level PR firm, to another Lehman sales guy and lawyer and trader pals. They earned at least $4.8 million from their secret information.

Bloomberg via Greenwich Diva: U.S. prosecutors in New York filed criminal insider-trading charges today against ex-Lehman salesmen Matthew Devlin and Frederick Bowers, lawyer Eric Holzer, and two day traders over illegal trades in a dozen transactions, including Mylan Inc.’s $1.2 billion stock buyback in 2005 and InBev NV’s acquisition of Anheuser-Busch Cos. in July.

“Devlin curried favour with his friends and business associates and received in return cash, luxury items and other benefits,” the Securities and Exchange Commission said in a related civil lawsuit against seven people. Presents included a Cartier watch, a gift card to luxury retailer Barneys New York and lessons at a Porsche driving school, the agency said.

Devlin, 35, referred to his wife as the “golden goose,” a nickname that two traders also adopted for the couple, authorities said in court papers.

“We need the goose to pop its head out and show us the biz,” one of the day traders, Jamil Bouchareb, 27, wrote in an e-mail to one of his conspirators, according to the complaint. “Where has my goose gone? Come back little goose.”

It seems like the wife, NIna, didn’t know what her husband was doing, at least according to her lawyer and her employer, Brunswick. We’ve dealt with that firm before, and they’re very professional. We hope they make it through this without losing too many clients.

See Also: The Houses (And Apartment) That Swindled Investors Built

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