Everything started in 2001 with two friends. The two of them were discussing a debt of 25,000 dollars. After five years the federal authorities discovered one of the most far-reaching insider trading schemes on Wall Street. In this were involved four investment banks, a web of hedge funds, day traders, lawyers and even a few supervisors, who on discovering evidence of insider trading, blackmailed the traders to keep quiet about it.
The illegal part in this story is the insider trading. They were giving informations about upgrades and downgrades of stocks, and also the access to hot deals by the hedge fund traders.
This information was taken from the New York Times newspaper article, written by Jenny Anderson and Michael J. de la Merced.
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