Chicken Soup For the Soulless
This Week In Blunders – Jan. 12-18
Once again, we are reminded that the stock market is a rigged casino in ways large and small.
David Cooper, a 38-year-old broker at Joseph Gunnar, a small New York investment banking firm, allegedly shared inside information on secondary stock offerings with three traders.
The foursome allegedly bagged over $1 million between January 2018 and May 2024, and they were all indicted on Wednesday.
“This is a case of pure greed where individuals lied, obtained information illegally, and used it solely for their own personal financial gain.” said Brendan Donahue, acting inspector in charge for the United States Postal Inspection Service.
Unlike many white-collar defendants, these guys were smart and didn’t leave a trail of emails or texts. Federal investigators had to track them the old-fashioned way, putting wire taps on their phones.
It leaves us to wonder how many other brokers are pulling the same stunt with sneakier communications. Does the average investor stand a chance?
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