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-- some huge insider trading charges part of largest investigation in Wall Street history on Monday three hedge funds were raided investigators say.
Many more raids are on their way who's next.
Are the feds close again on billionaire Steve -- is that what this is all about what Bob Goldman Sachs -- -- a guy.
Who knows a thing or -- about this mr.
Ross Mandela was accused of by the SEC of defrauding investors out of millions and international stocks -- Lots of school is up first you -- he's still an indictment what's what's what's going on with your case.
I am I was charged in July of 09 we're in the process now while moving towards an eventual -- -- -- eleven.
And the you know I'm very excited about my prospects talking -- -- Wall Street insider now.
Spent a lot of time Wall Street I I probably know what they're going to run those hedge funds and I said yesterday stand by -- they're probably shredding over time.
Scrubbing hard drives and the leading taxi pick them now.
You know what's it's -- -- If that's the idea that.
-- what I can say is that.
I spoke to my my attorney today and he said to me that his phone -- ringing off the hook.
People will it sizes but lawyering -- is Gloria lawyering up there were asking questions that there's a lot of anxiety right now Williams rushed quickly break it -- for our viewers if -- -- don't know what they're being accused of doing what -- what are the -- -- -- these hedge funds did.
A US attorney -- or -- is suggesting this will be -- The largest -- trading.
And I think gallantly and secrets what is -- surgery it's when you -- possession of information that that the public is not available to the public and use it to law.
You know money you over a lucrative night and just so everyone knows.
What on the street knows that this is wrong it's not like they say -- -- I didn't know I was supposed to do that right.
That's correct it's -- and it's prevalent it's it's been all over the place very hard to prove.
US attorney is now was suggesting that they're going to be using wiretapping.
Much like they used to was sort of going after the mafia -- -- -- went out to my team lawyers cam -- they don't have to let them know they're being wiretapped they have to do they did what what's the -- -- have to let the top of the management.
-- you know or -- -- go after anybody.
They can go after as long as they have probable cause -- they have evidence -- they go in front of a judge to request that they get wiretaps and they get search warrants and now like the new code with prosecutors as they're going after.
Insider trading with the same tools and implementation.
And resource is as they do Rico violations to show -- Here any right of violations here that it may have Stephanie tells me -- what -- quit based upon -- all the time but what happens is Kimberly points out.
Great you know and.
What happens is is that you go before a judge in that you have probable cause you don't let the top of the chain no -- you don't let anybody know why but I did get a look at.
I think in some cases they do if I'm not mistaken there was an FBI probe into some trading on.
And Doug York mercantile exchange of which I was a board member now we were told.
That they are gonna go after some stuff and they were gonna wiretap right down onto the trading floor and we're also told -- we open our mouth and -- anyone we we're -- be in trouble for doing so.
Monica what's going on.
You know insider trading is notoriously difficult -- -- -- in this gray area because most of the people working on Wall Street especially these top hedge fund guys.
Our experts in the field they're gonna have access to a whole range of information so it is tough to -- What's happened over the last couple years is that these hedge funds all hire consultants.
And these consultants are on the inside of these feels the same hedge fund acts.
Wants to hire -- consultant on.
On the work that Intel does for example they'll get ex employees or -- go in guys have Intel has as a way as as consultants because that's the sad thing is doing Eric is actually brought up without the definition of what constitutes -- right.
What I'm talking to him is that that is excuse them from liability though -- seventeen and liability -- to understand one of the problems is trying to put this in front of a jury and -- it makes -- which as you've seen in the past these prosecutions have not been as successful as one might faint.
Look at Martha Stewart they get you on other charges they get other people to roll on you that's how they -- that that was one -- at a time I got information about what.
-- but what about Goldman Sachs -- Colin SEC capital to too big to fail.
You know this is follow the money and if you will follow the trail you -- see that.
So far the investigations and all the news reports we directly towards a big target -- all time -- Eve Conant SEC capital.
He's represents about ten billion dollars day -- -- in the market.
He's had an unparalleled record of success -- he's he's the jealousy and envy of everybody else in the industry let me get guys thereafter prologue.
-- well I guess first of -- I think one misleading thing that some people on the right actually been saying as well this is yet another Obama administration attack on Wall Street.
And as some sort of vendetta this investigation started 2007.
Under the Bush Administration.
And before the financial collapse of September of 2008 so I think that's important to point out the other thing is.
Get a look at the proliferation of technology which really muddies the waters here makes it even harder to prove or Parker or easier.
I'm thinking easier is that you decide digital -- somewhere us well you know that's the whole thing you have the emails you mandatory you have to compile it for years and years they have access -- -- know how to go with the text messages out items.
I mean no covering files are trained I frankly plenty of time and I no such thing is the lead anymore -- there and -- there are electronic footprints everywhere I agree with -- I think that the old days.
-- into the back room make it a lot harder than today where.
People get sloppy lazy and have all these different -- into the world thing and ultimately Eric that increases the penalty when people go back gonna try to obstruct an -- -- things and everything else that makes it but -- Antarctic continent are -- line.
-- brought the total is were gonna have to leave right there and say thank you mr.
-- and a and appreciate your.
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