Feds say insider traders got illegal tip at AA meeting
The Securities and Exchange Commission has charged a Wall Street banker and his associates with using an Alcoholics Anonymous meeting as a personal cash machine, the Wall Street Joual says.
SEC investigators allege Timothy McGee and his co-workers made $1.8 million after a fellow banker in AA told McGee how much stress a forthcoming merger was causing him.
The group allegedly acted on the tip -- a big no-no. Two Hong Kong residents have agreed to pay $1.6 million to settle the suit, without admitting or denying the SEC's charges. McGee owes them something. Just not a drink.
How harshly do you judge McGee?
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Mike Gallagher
Freelance writer with a passion for travelling
