Day trader and three pals bagged $3.2m by allegedly conning bankers

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A California day trader and three pals thought they had dreamed up the perfect easy money scam.

The New York Post reports that for three years, these two-faced traders duped Wall Street bankers into thinking they were big-time institutional investors — thereby unlocking a door to a treasure trove of non-public information on 15 biotech deals, according to Department of Justice allegations.

Although the traders had promised — as a matter of everyday business on Wall Street — not to trade on the insider dope, they did and pocketed $3.2m in fraudulent profits before they were busted, prosecutors charged on Wednesday.

To access the complete New York Post article hit the link below:

Day trader, pals bagged $3.2M by conning bankers: US

This CEO can say Warren Buffett took his advice– twice!


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