Feeds

Guilty! Four go down for insider trading

Profited from IBM Lotus takeover

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Four investors accused of together making almost $120,000 trading on inside information on IBM's acquisition of Lotus have been judged guilty as charged.

The prosecution, acting for the US Securities and Exchange Commission, alleged the four - James Ribellino Jr., Ralph Serpe, Gerald Wells and Claudio Spinelli - were tipped off by the husband of an IBM secretary across whose desk passed a copy of Big Blue's takeover of Lotus.

That acquisition took place in 1995.

The husband, a financial analyst, was said to have passed the IBM-Lotus takeover information to three, unnamed brokers at Staten Island, New York-based broker Russo Securities, but they were declared not guilty of insider trading.

The three who were so judged will be sentenced later, but they face very hefty fines, a period in gaol and the repayment of their ill-gotten gains. Spinelli made $36,656 from Lotus options bought just before the IBM deal was announced. Ribellino, Serpe and Wells together made $82,875 in a single day. ®

Related Stories

IBM exec accused of insider trading
Ex-Nvidia man coughs to insider trading charge
World Online raided in insider trading probe

Providing a secure and efficient Helpdesk

More from The Register

next story
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.