Insider Traders Used Code Speak – Just Like Bud Fox in Wall Street!
Two recently accused insider traders used special codewords when communicating with each other, just like Bud Fox in the movie.
Two traders apparently used special codewords when communicating with each other on insider deals, a la Bud Fox in Wall Street.
In any event, they failed to avoid the same fate as Bud and Gordon.
From the NYT’s Michael de la Merced…
While the sequel to “Wall Street” will finally hit theaters in a few months, it appears other elements of the movie — like the catchy “Blue Horseshoe Loves Anacott Steel” phrase used to abet insider trading — haven’t gone away.
Federal prosecutors on Wednesday arrested two men, one a UBS investment banker, in connection with an insider trading scheme that purportedly earned about $870,000 in profits… The amount may pale in comparison to other recent insider trading cases, but the two men, Igor Poteroba and Alexei P. Koval, used amusingly cryptic messages to communicate with each other, including discussions of frequent-flyer miles and wedding registries at Macy’s.
