Matthew Devlin, Lehman Broker, Charged With Insider Trading On Wife's Info

[WhiteTara]

Source: HuffPo

NEW YORK — A former Lehman Brothers broker who gleaned tips about pending mergers from his wife, a partner at a high-powered public relations firm, was charged Thursday in a wide-ranging insider trading scheme that earned $4.8 million in profits for several people including a former Playboy model and two lawyers, authorities said.

Federal prosecutors in Manhattan and the Securities and Exchange Commission brought the case Thursday against Matthew C. Devlin, who authorities said enabled clients and friends to make millions of dollars while he was rewarded with gifts including cash, a Cartier watch, a widescreen television and tuition at a Porsche driving school.

"By providing inside information, Devlin curried favor with his friends and business associates and received in return cash, luxury items and other benefits," the SEC said in court papers.

The SEC said those who received tips so treasured the information Devlin took from his wife that they began referring to him and his wife as the "golden goose." Devlin, 35, of Manhattan, also referred to his wife as the "golden goose," the SEC said.

A second ex-Lehman Brothers broker, Frederick Bowers, 40, of Manhattan, was charged in a criminal complaint with conspiracy.

Read more: http://www.huffingtonpost.com/2008/12/18/matthew-devlin-lehman-bro_n_152262.html

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they always think they are the smartest guys in the room. But since they didn't steal as much as MadeOff, well, I bet they do some time.

[BrklynLiberal]

1. Are there ANY honest people on Wall Street???

[TomClash]

4. There used to be

Now they are on the unemployment line.

[truthisfreedom]

2. He earned them millions and got to go to driving school in exchange?

Seems like he didn't work that out right.

[okieinpain]

3. and yet he's probably one of those "pull yourself by your bootstraps"

people. work hard and you can achieve anything, well that and have a golden goose.