Insider Trading Whistle-Blower's Story

Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
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Number Six
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Insider Trading Whistle-Blower's Story

Postby Number Six » Tue May 22, 2012 2:00 pm

http://www.nytimes.com/2012/05/20/busin ... RXTuiHqPqg

Good story; in this case the former Lehman securities pro was put out of work and blacklisted and the government was not able to build a case based on his information.

“'I told them that Galleon was one of the spokes of the wheel but that it was not the wheel itself,'” Mr. Parmigiani says, but his discussions led nowhere as well. Mr. Bharara’s office declined to comment.

"At his last meeting with the S.E.C., Mr. Parmigiani recalled, one of the officials said, 'We never doubted your credibility.'

"Today, Mr. Parmigiani spends much more time with his two young children; his wife has become the family’s breadwinner. He has paid a price for trying to blow the whistle on Lehman, but says he has no regrets. Still, he says, his experience suggests that the authorities are reluctant to go after high-level executives on Wall Street.

"As he puts it: 'Law-abiding citizens should not have to beg civil servants charged with law enforcement to do their jobs.'"
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)

'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)

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