Feeds

Guilty! Four go down for insider trading

Profited from IBM Lotus takeover

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

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

Internet Security Threat Report 2014

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
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.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.