The Law Firm Merger Tips

A stock trader is accused of running an insider-trading ring. Two lawyers at a big law firm found secret documents about coming company takeovers. Their tips passed through a middleman to the trader, who passed them to other traders. Each tipper was paid $25,000 per good tip. The group used prepaid phones, thrown away after each tip. Much of the evidence came from wiretaps. He says the wiretaps were unlawful because insider trading is not a crime the wiretap law lists.