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Sunday, November 27, 2005

Insider-Trading Charges Involve Early Copies Of BusinessWeek

This seems to happen every couple of years. Once again, someone found a way to profit by trading on the BusinessWeek magazine's 'Inside Wall Street' column before the column hit the streets:
A New York area man has been accused of insider trading based on prepublication copies of BusinessWeek magazine's "Inside Wall Street" column, according to court documents unsealed Wednesday.

...According to the criminal complaint, a witness said he met with Mr. Pajcin three to five times between September 2004 and November 2004 about a factory job in the Milwaukee area. Over the course of those meetings, he learned that Mr. Pajcin wanted someone to steal a copy of the publication prior to its public release, prosecutors said. The cooperating witness didn't take the job, but Mr. Pajcin informed him that "he had found someone at the 'plant' who was providing him with the publication prior to its release," according to the complaint.
Click here for the Wall Street Journal article (online subscription required).

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